Private sector urged to invest in Blue Economy as Sierra Leone minister says public sector alone lacks capacity to fund economic activities within Africa’s over 30,000 kilometers coastline.
by Marabou News Agency Staff
Sierra Leone’s Minister of Transport and Aviation, Ambassador Alhaji Fanday Turay says the time is ripe for the private sector to increase investment in the Blue Economy to unlock Africa’s economic potential.
The World Bank and Standard Chartered Bank estimate that the continent will require roughly $70 billion in marine investment annually by 2030, spanning ports, fisheries, aquaculture, logistics, coastal resilience, and maritime infrastructure to leverage its potential. Current investment flows remain far below that level.
Speaking on the sidelines of the inaugural Blue Africa Conference and Exhibition (BACE) held in Lagos, Nigeria on August 13-14, the minister said the public sector doesn’t have financial muscles to fully and effectively invest in Africa’s vast coastline, spanning over 30,000 kilometers.
“Like I said in my statement, as a government, we cannot do it alone. We can’t do it alone. And therefore, we need the private sector. They have to come in. And not only the private sector, we have to have intergovernmental cooperation,” said the Sierra Leone minister.
“Because as Sierra Leone, I can’t just sit there, because we are just by the ocean, and say, okay, we are by the ocean, and then we have one of the best harbours in the world and say, okay, we’re just going to stop with that. No, we have to invest,” said Ambassador Turay.
“So, if you invest in Sierra Leone, you invest in Nigeria, you invest in other areas, neighbouring countries, all of us will benefit. And it will help bring the economy, it will boost our economy, it will boost the livelihoods of our people, so on and so forth. So, I think it’s good.”
Speaking during a panel session on “the ocean economy as a driver of youth employment, Dr. Jethro W. Brooks, acting Vice-Chancellor, Regional Maritime University alongside Combes Yaho Frédéric Olivier, Director of Continuing and Vocational Education Development said African governments and maritime institutions must put data to the right use to boost the sector.
“When people get data, they use it for the real purpose. You do your plus and minus, you get your actual figure. So, if we let the executive side convince us that data is not helpful, then we run into a problem. Data is good. Statistical work is good. And I said it is not exact; it is estimated because there is room for error,” noted Brooks.
Over 100 delegates from more than 10 African countries attended the inaugural conference. It was organised by Bahari Network, in collaboration with the Maritime Organisation of Central and West Africa (MOWCA).
The conference was the first of its kind to be held in Nigeria, and will now be held annually either in the West African country or other parts of Africa.
Marabou News Agency
