By Muhammed Opeyemi
A maritime expert, Capt. Laurence Smith, says the global smart ports market, valued at $2 billion in 2022, will be worth $15.5 billion by 2032 through digitalisation of African ports.
Smith, the Chief Operating Officer of Lekki Port, made the projection at a Business Conference and Exhibition of the 2024 International Maritime Week, in Lagos.
TheNewsZenith reports that the theme of the conference is “Navigating the Future of Africa’s Marine and Blue Economy – Safety First”.
Smart ports, also known as intelligent or digital ports, represent a transformative paradigm shift in the maritime industry.
They are regarded as smart ports because of their use of data analytics to make the best decisions and run operations effectively.
Smith said the smart ports market was projected to grow at a compound annual growth rate (CAGR) of 23.1 per cent from 2022 to 2032.
He said digitisation would enhance Africa’s trade efficiency, attract investment and bring about economic and social development.
The COO, however, highlighted some challenges preventing Africa’s ports from operating optimally.
“These problems include lack of a fully integrated rail and road system, manual loading and offloading at the ports.
“Other challenges include an absence of digital transformation and the adoption of smart systems that would keep supply chains moving smoothly,” he said.
According to him, Lekki Port is one of the most advanced ports in West Africa. And it has become a pivotal hub, bolstering commercial activities throughout West Africa.
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He said the port is at the forefront of technological innovation, adapting new technologies in its operations. These include real-time tracking, digital documentation and automated processes.
“As a modern port, Lekki Port can boast of state-of-the-art facilities that have made operations seamless.
“In one year of commercial operations, it has become the hub of maritime trade in West Africa,” TheNewsZenith quotes Smith as saying.
He added that the port was fully automated and equipped with facilities that guaranteed quick turnaround time.
Mrs Sofieye Uzor from Starzs Investments Company Ltd. delivered a paper on “Fleet Development and Growth of the Blue Economy”.
Uzor said that fleet development was crucial for the diversification of the Nigerian economy.
She said the African Continental Free Trade Agreement, with 54 African Union member-states, had given a hope for $450 billion income boost by 2035.
Already, Uzor said 46 of these African nations have deposited ratification instruments.
She said that maritime players should look into developing other aspects of the blue economy such as fishing and leisure.
Both the Federal Government and the private sector had pivotal roles to play in achieving the diversification, she said.
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