The Commonwealth Enterprise and Investment Council (CWEIC) and the Ship Owners Association of Nigeria’s (SOAN) joint event “The Future of the Maritime Industry in Nigeria” at Marlborough House on 28th September was featured in All About Shipping, Hellenic Shipping News, Oil, Gas and Shipping Magazine, Marine Link, This Day and Marine Network.
Investors, business leaders and government officials – representing maritime interests from across the Commonwealth – united in a bid to stimulate discussion, increase cooperation and forge partnerships around the myriad opportunities of Nigeria’s maritime sector. Hosted as part of CWEIC’s Commonwealth Maritime Initiative (CMI), which aims to promote the maritime industry as a key driver of economic growth and trade (cargo carried by sea is set to quadruple by 2050), and to connect maritime business interests with state-level representatives and organisations from across the Commonwealth.
Focusing initially on Nigeria ̶ before expanding across the Commonwealth ̶ the CMI aims to maximise commercial opportunities in an industry often suffering from chronic underinvestment. Nigeria, Africa’s largest economy with a huge maritime ecosystem, is its initial focus ̶ offering substantial investment and development opportunities across shipping, mining, manufacturing and service industries.
Nigeria’s maritime industry was hailed as a driver of economic growth and alternative revenues for a country trying to diversify away from reliance on oil. Nigeria’s government recently announced economic reforms aimed at transforming Nigeria into one of the most attractive investment destinations in the world by 2019, with maritime set to play a key role in Nigeria’s economic future.
Greg Ogbeifun, Chairman of SOAN and Co-Chair of the CMI said: “The roundtable gave CMI members the chance to network and explore Nigerian maritime investment opportunities, learn about industry best practices and challenges, and be at the forefront of radical and exciting change in the Nigerian economy. The UK is the world leader in maritime services, and by hosting this event in London we ensured conditions were ideal for an insightful, productive and profitable meeting of minds.”
Following this successful event, CWEIC will expand the CMI across the Commonwealth, highlighting further investment opportunities across the many developing, coastal economies within the 53 nation collective.