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🇳🇬 Nigeria /Economy & Trade

Fubara urges private sector to develop Nigeria’s blue economy

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

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  • Rivers State Governor Siminalayi Fubara urged the private sector to invest in Nigeria's blue economy, warning that foreigners would otherwise exploit its potential.
  • He highlighted the sector's capacity to generate revenue exceeding oil and gas if properly harnessed.
  • Fubara pledged to create an enabling environment for private sector participation in job creation and investment within the state.

Rivers State Governor Siminalayi Fubara has called on the organized private sector to accelerate investment in Nigeria's blue economy, warning that inaction could lead to foreign exploitation of its vast resources. Speaking at the Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA) annual general meeting in Port Harcourt, Fubara emphasized the need for government and private sector partnership.

It is important to say that nature does not allow vacuum. If we do not capitalize on and utilise our blue economy, other nations will utilize it for us. So we must wake up and be the watchdogs and make sure that what is ours remains ours.

— Siminalayi FubaraWarning about foreign exploitation of the blue economy.

Represented by his deputy, Prof. Ngozi Odu, the governor stressed that the blue economy holds the potential to generate greater revenue for Nigeria than the oil and gas sector. He noted that the absence of significant private sector involvement allows foreign entities to engage in activities like fishing within Nigerian waters without remitting taxes or contributing to the national economy. "Nature does not allow vacuum," Fubara stated, urging stakeholders to "wake up and be the watchdogs and make sure that what is ours remains ours."

Trawlers come to our coast to scoop up sea foods and go away. They don’t pay tax. They don’t pay anything. So if we keep keeping our fingers down, then they will keep doing that.

— Siminalayi FubaraIllustrating lost revenue due to foreign fishing activities.

The governor specifically pointed to trawlers scooping up seafood and leaving without paying taxes as an example of lost revenue. He reiterated his administration's commitment to fostering an environment conducive to private sector participation in job creation, investment, and sustainable development. "Our administration remains committed to creating an enabling environment for private sector participation, investment promotion, job creation, and sustainable development," he added.

Our administration remains committed to creating an enabling environment for private sector participation, investment promotion, job creation, and sustainable development.

— Siminalayi FubaraPledging government support for private sector growth.

Fubara underscored the importance of collaboration, stating that no nation achieves its full potential without the intentional involvement of the organized private sector. NACCIMA President Engr. Jani Ibrahim acknowledged the Rivers state government's efforts in implementing investment-friendly policies and fostering partnerships with the private sector.

We believe that government and the private sector must work together to unlock the vast economic potentials of our state and our nation as no nation achieves its full potential without an intentional involvement of the organized private sector.

— Siminalayi FubaraEmphasizing the necessity of public-private partnership.
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Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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