The Nigerian Maritime Administration and Safety Agency (NIMASA) on Wednesday, the 16th of September launched a programme to identify, fund, and mentor innovative startups and young entrepreneurs in the maritime industry as well as rally round private sectors for their buy-in.
The NIMASA “Blue Economy Accelerator (BEAP)” programme which was launched at Eko Hotel and Suites attracted key stakeholders from banks, shipowners and other investors whose businesses affect the maritime and blue economy greatly.
The Director General of NIMASA-Dr. Dayo Mobereola in his speech enjoined investors, maritime operators and technology companies to help unlock an estimated N5 trillion in untapped opportunities in Nigeria’s blue economy.
According to Dr. Mobereola, the country’s maritime sector has the capacity to become a major source of investment, jobs and economic growth as a whole lot of its potential is largely untapped.
The NIMASA Boss who revealed that, Nigeria has 853 kilometres of coastline, six major commercial seaports, and a maritime sector that support logistics services associated with more than two million barrels of oil production per day, said that on the contrary, it captures less than three per cent of the value generated across the maritime value chain moving through the nation’s waters. “It is an imbalance we must change”, Dr. Mobereola said.
He further explained that during the 12-week accelerator and National Hackathon, the agency will identify, develop and connect innovators across thirteen maritime tracks with mentors, investors, industry leaders and opportunities within the maritime ecosystem.
The Minister of Marine and Blue Economy, Adegboyega Oyetola who was ably represented at the event by the Director of Marine Conservation, Innovation and Technology at the Ministry, Hussainu Shettima, in his commendation of the NIMASA initiative said:
“This is not a routine government initiative, this is a paradigm shift — from NIMASA as a regulator, to NIMASA as a catalyst. The NIMASA Blue Economy Accelerator sets a standard that I am proud, as Minister, to champion before this audience.”
He further noted that NIMASA has built an innovative programme that will identify Nigeria’s most promising blue economy startups across thirteen innovation tracks.
“To our commercial banks: the Accelerator’s alumni will need capital. I urge you to create dedicated blue economy lending windows. To our development finance institutions: blended finance and green bonds already exist in your toolkits. We are asking you to direct a portion of that infrastructure toward Nigeria’s emerging class of blue economy innovators. To our maritime industry stakeholders: the startups that emerge from this Accelerator will be building solutions for the industry,” he said.
Director at Opolo Global Innovation Limited, Nkem Ogbuaku, said that with the initiative, the opportunity is massive.
“Because the opportunity is quite massive. And that’s why we at Opolo Global Innovation honour the legacy of those who are veterans across all sectors. Working hand-in-hand with the visionaries and the wonderful people in NIMASA has been able to put up this programme.
In a way that rather than losing those talents, we can incubate them, accelerate them and through them you can support the industry, unveil the potential that is hidden in the blue economy and at the same time become a global champion,” Ogbuku said.
In the same vein, the Director-General of the Nigerian Chamber of Shipping, Aminu Umar, described the initiative as great and laudable.
“It is what the industry needs, the NCS will support the need because it is important to the industry,” he said.
At the high-level interactive session, stakeholders examined ways to turn opportunities in the maritime sector into viable businesses and economic opportunities.
The first phase aims to admit 150 qualified applicants (including 120 startups) run by Nigerian citizens from within or outside the country.
Focus was on marine waste management and the blue circular economy, aquareculture and sustainable maritime technology, logistics innovation, ocean renewable energy, green shipping and vessel decarbonization, smart port solutions and autonomous marine vehicles.
Some of the important personalities at event were: The Nigerian lawyer cum Chairperson/CEO of Brittania-U Nigeria Limited, Mrs Catherine Uju Ifejika, The Chief Operating Officer of Tiger Shipping Agencies Limite— Biola Ogunrombi and The Deputy Director under the Nigerian Ports Economic Regulatory Agency (NPRRA), formerly known as the Nigerian Shippers’ Council among others.
