Fragmented markets, weak governance threaten Africa’s $405b blue economy
Date:
19 August 2026 4:23am WAT
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Fragmented markets, inadequate connectivity, limited value creation, weak governance and inconsistent policies have continued to prevent Africa from fully harnessing its vastmarine and blue economyre
This was stated at the maiden edition of the Blue Africa Conference and Exhibition held in Lagos
The African Union (AU) estimated that the continent’s blue economy could reach $405 billion by 2030 and up to $576 billion by 2063, while supporting about 49 to 50 million jobs
Sierra Leone’s Minister of Transport and Aation requires more than infrastructure, noting that the continent’s oceans, coastlines, rivers and lakes are major economic assets that support trade, food security, livelihoods, biodiversity, energy and access to global markets
Turay said African ports must become interconnected centres of trade, production and logistics rather than operate as isolated gateways and fail to realise their full potential
He identified the African Continental Free Trade Area(AfCFTA) as an opportunity to strengthen maritime connectivity and integrate African markets, noting that efficient ports, harmonised policies, modern terminal operations and reliable maritime corridors would support increased intra-African trade
The minister urged African governments to develop policies that promote value addition, strengthen local maritime industries, and create an enabling environment for investment in port development, logistics, fisheries, environmental protection, digital systems, and other ocean-based industries
He also urged governments to work with development finance institutions, investors and the private sector to develop credible, bankable projects and attract investment into sustainable ocean industries
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr Paul Adalikwu, called on African countries to move beyond generating maritime wealth for export and take greater ownership of, investment in and control over their ocean rehat allows it to create maritime value without retaining a fair share of the benefits
The MOWCA scribe painted a stark picture of the continent’s maritime paradox, with over 30,000 kilometres of coastline, strategic trade routes, vast fisheries and offshore energy reted technology and offshore insurance continue to drain value from the continent
Adalikwu outlined a five-year imperative for measurable progress in maritime integration, stating that governments must place maritime development at the heart of economic strategy
Speaking on maritime financing, Adalikwu pushed for a Maritime Bank of Africa, stating that MOWCA is advancing to mobilise patient capital, blended finance, guarantees and long-term equity and debt to fund ports, African shipping fleets, shipyards, fisheries, offshore renewables, maritime technology, security infrastructure, and skills development
The Secretary-General said Africa cannot build competitive ports, fleets, shipyards and blue industries on external capital alone
He insisted the blue economy must move beyond slogans to genuine ownership across the value chain, including vessels, ports and logistics, technology, fisheries processing, marine data, ship repair, maritime finance, and intellectual property
Linking the maritime agenda to the AfCFTA, he stressed that ports are only as strong as their hinterland connections, adding that ocean-to-hinterland corridors, efficient logistics, rail, road and customs systems are essential if maritime infrastructure is to drive industrial transformation
The Secretary General said people remain the real infrastructure, highlighting the need to invest in the training of African youths as seafarers, naval architects, engineers, port managers, logistics specialists, fisheries experts, maritime lawyers, data specialists, cybersecurity experts and entrepreneurs
Consul General of the Royal Danish Embassy in Nigeria and Head of Economic Diplomacy, Jette Bjerrum, said the emergence of new digital companies and the transition from manual to digital processes would help improve efficiency and drive innovation across the maritime value chain
She stressed the need for a full value chain approach to maritime development, calling for stronger collaboration among government agencies, the private sector and other stakeholders to unlock the potential of the blue economy
The envoy reaffirmed the Danish government’s commitment to supporting the development of Nigeria’s maritime sector, which she emphasised was not only important to the country but also to the wider West African region