Economic diversification: Oyetola seeks opportunities in deep sea exploration
By Seun Ibiyemi
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has reaffirmed the country’s commitment to diversifying its economy by leveraging its vast marine resources.
Speaking at a stakeholders’ sensitisation workshop on deep-seabed activities in Abuja on Wednesday, Oyetola emphasised that Nigeria’s extensive coastline and inland waterways make it an ideal player in the emerging deep-sea exploration sector.
The minister, who was represented by the Permanent Secretary, Oloruntola Olufemi noted that the transition from a fossil fuel-based to a mineral-based economy also presents opportunities for Nigeria to leverage its marine resources, particularly wave and tide energy, to generate clean energy.
According to Gboyega Oyetola, “Nigeria’s establishment of a full-fledged Ministry of Marine and Blue Economy in 2023 demonstrates our commitment to diversifying our economy and capitalising on the global surge in deep-sea exploration. As a major oil-producing country with an extensive coastline and inland waterways, we cannot afford to lag in this new frontier.
“This workshop aims to raise awareness among critical stakeholders about the importance of Deep Seabed exploration and exploitation, addressing environmental and social implications and ensuring effective protection of the marine environment from harmful effects that may arise from deep seabed activities.”
In his remarks, Permanent Secretary, Ministry of Marine & Blue Economy, Oloruntola Olufemi said the Ministry and the Nigerian Maritime Administration and Safety Agency remain committed to promoting collaborative efforts with key industry players, driving innovation, and championing sustainability.
In his presentation, the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola explained that deep sea mining can be done in Exclusive Economic Zones (EEZ) within the jurisdiction of national Governments/coastal states and/or in Areas beyond national jurisdiction – popularly referred to as the ”Area” or “international waters”.
In the words of the NIMASA DG, “Nigeria has long benefited from its offshore oil and gas resources. As we look to the future, deep seabed exploration presents an opportunity to expand our maritime resources beyond energy and align with the global shift towards sustainable development.
“The decision of the current government to align with the Blue Economy Concept is part of the Renewed Hope Agenda to diversify the economy beyond oil and gas. It is routeway to sustainable development.
“Exploring Deep Seabed Mining holds the key to: New revenue streams/economic benefits as you gain access to unexploited mineral resources.
“Also, employment opportunities abound in deep-sea exploration, extraction, and processing.
While deep seabed mining offers significant economic opportunities, it is not without challenges. One of the most pressing concerns is its potential environmental impact. The ocean floor is home to fragile ecosystems and unique biodiversity, and seabed mining activities could disrupt these habitats. Potential risks include:
Environmental Impact leading to potential damage to ecosystems; biodiversity and water quality; Inadequate Regulatory framework; and technical difficulties – Harsh deep-sea conditions, high cost, and associated risks constitute barriers. Social risks – Loss of livelihood, Community displacement, and relocation.
“For NIMASA’s role in deep seabed mining, Section 1 of the Nigerian Maritime Administration and Safety Agency Act 2007 mandates the Agency to: Regulate and promote maritime safety, security, prevention and control of pollution and maritime labour; and Promote the development of Indigenous commercial shipping in the international coastal shipping trade.
“NIMASA will play a critical role by collaborating with relevant MDAs and the International Seabed Authority (ISA) in providing the regulatory framework and establishing environmental protection guidelines for seabed mining.
“The Agency could also help develop training programs to grow local expertise in deep seabed mining technologies and operations. Promote Research and Development in marine science and technology to enhance knowledge of deep-sea ecosystems and resource potential.”
