ADVERTISEMENT
The Moment Nigeria
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport
No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport
No Result
View All Result
The Moment Nigeria
No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport

Nigeria’s blue economy can put us back on track –SON DG

by Usman Kadri
December 18, 2020
Reading Time: 2 mins read

Mallam Farouk Salim

Share on FacebookShare on TwitterShare on WhatsappShare on LinkedIn

The Director General of the Standards Organisation of Nigeria (SON), Farouk Salim, has said that Nigeria’s Blue Economy Project would help the country bounce back from the current economy woe and generate far larger revenues than what it is currently generating.

Adding that the blue economy had the potential to create both economic growth and development in Nigeria, noting that SON has the human, technical and procedural capacity for immediate deployment when called upon.

Salim said this on Thursday at a Training Workshop organized by Association of Maritime Journalists of Nigeria (AMJON’s) in Lagos. The workshop has the theme: An Insight Into Nigeria’s Blue Economy Project.

RELATED STORIES

Fidelity Bank raises more than N127.1bn in first phase of recapitalization, surpassing target

Fitch upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’

June 2, 2025
Stanbic IBTC Bank Nigeria PMI: Business activity continues to rise, but growth eases to four-month low

Stanbic IBTC Bank Nigeria PMI: Business activity continues to rise, but growth eases to four-month low

June 2, 2025

Speaking further, the SON DG who was represented at the event by Benedict Preake, Chief Technical Officer, SON however stated that the African continent had a long way in properly harnessing the economic power of its marine and maritime economy.

He said that relative inefficiency in African port activities which tended to slow throughput processing times leading to long cargo turnover periods and lower potential incomes would result from faster port processing.

Analysing the causes of the problems hampering sustainable Blue Economy in the maritime sector growth, he listed six key strategic difficulties.

“Political Will: The lack of broad political consensus on the nature of Nigeria’s fiscal federalism has deep economic implications, including making the blue economy a fragile project. If we must operate optimally and make the project work, every port must be made functional (Calabar, Port Harcourt, Warri, Lagos etc)

“Economy: A blue economy would require competitive and efficient use of coastline resources. Nigerian ports and maritime facilities are currently costlier to operate and manage than ports in neighbouring countries such as Cotonu port in Benin Republic, Lome Port in Togo or Tema Port in Ghana.

“The relative high cost of Nigerian ports reduces port patronages, efficiencies, operations and related activities; this, in turn, reduces potential employment ,optimal utilization of ports, competitiveness and decreased tax revenues.

“This port inefficiencies become more imperative, especially now that Nigeria has become a signatory to “The African Continental Free trade Agreement deal’’, our operations must be carried out in a less expensive and more efficient administrative environment.

“Social – High incidence of piracy, smuggling, human trafficking and drug peddling makes Nigeria’s maritime business a precarious entrepreneurial activity. The high presence or influence of wharf gangs has created a marine ‘inverse’ ecosystem that is socially precarious.

“Technology: Technology adoption is a critical aspect of the evolving blue economy, from stevedoring to cargo handling and inspections, the use of machines has become a compelling necessity to remove the obvious delays and bottle necks that occurs with multi-point human interface in shipping operations.

“Through the digitization of standard operating procedures (SOPs) and use of electronic monitoring and inspection technology has gone a long way in improving port turnaround time and scaled down the levels of delays that result from high levels of human discretion, we can improve on the present scale.

“Environment: The port environment in Nigeria is poor and nurtures a culture of weak morals and perverse hygiene. Port infrastructures are old and badly maintained while marine shorelines are highly polluted from industrial effluence and waste products, habitually thrown into the dock waters by port users and refuse disposal vendors. The pollution of the ports marine water creates challenges for environmental sustainability.

“Legal: The laws and procedures guiding maritime services in Nigeria are comprehensive and fairly robust, the problem seems to stems from procedural enforcement than with the written regulation.

Next Post
Uzodinma’s withdrawal from open grazing ban confirms Ayodele’s prophecy

I see uncontrolable protests, hardship, deaths, demise of APC, says Primate Ayodele

More Articles...

Fidelity Bank raises more than N127.1bn in first phase of recapitalization, surpassing target

Fitch upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’

June 2, 2025
IHS Nigeria commissions 65 patrol vehicles to enhance G4S Secure Solutions Site Patrols and increase operational efficiency

IHS Nigeria commissions 65 patrol vehicles to enhance G4S Secure Solutions Site Patrols and increase operational efficiency

June 2, 2025
Philip Odiakose joins Institute for Public Relations Measurement Commission

Philip Odiakose joins Institute for Public Relations Measurement Commission

June 2, 2025
Stanbic IBTC Bank Nigeria PMI: Business activity continues to rise, but growth eases to four-month low

Stanbic IBTC Bank Nigeria PMI: Business activity continues to rise, but growth eases to four-month low

June 2, 2025
With giants campaign, FirstBank is truly woven into the fabric of society 

Another milestone achieved: FirstBank disburses N1 billion in one day, through Agent Credit Scheme

June 1, 2025
Tinubu’s bold reforms: How ‘Subsidy is Gone’ sparked Nigeria’s renewed Hope Agenda

Tinubu’s bold reforms: How ‘Subsidy is Gone’ sparked Nigeria’s renewed Hope Agenda

June 1, 2025

STANBIC IBTC ADVERT

About Us

Themomentng.com is an online community of reporters and social advocates dedicated to bringing you features, news reports by Africans, but from a global perspective.

Contact Us

+447771081433
+2348051966180(WhatsApp/SMS Only)
Email: themomentng@gmail.com

Categories

  • Business
  • Education
  • Entertainment
  • Events
  • Featured
  • Food
  • Foreign
  • Health
  • Interviews
  • Life and Styles
  • Metro
  • Motoring
  • News
  • Opinion
  • Politics
  • Religion
  • Society
  • Sport
  • Technology
  • Top Story

Follow Us

Facebook Twitter Instagram

Copyright © Themomentng.com. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Interviews
  • Life and Styles
  • Sport