At a high-level roundtable during the 80th Session of UN General Assembly in New York, senior government officials, Solewant Group, and global stakeholders discussed the Gulf of Guinea’s (GoG) energy, maritime, and investment prospects.
The OECD forecasts the African coastal economy will reach $3 trillion by 2030, with the GoG alone contributing $300 billion and generating over 49 million jobs.
Despite producing nearly half of Africa’s crude oil and holding about 10% of global reserves, the GoG remains plagued by challenges like oil theft, piracy, and illegal fishing.
Although 25 coastal states adopted the Yaoundé Code of Conduct in 2013, implementation has proven difficult, with regional initiatives from ECOWAS, ECCAS, and the Gulf of Guinea Commission also facing hurdles.
Speaking at the roundtable, Professor Ibrahim Gambari, former Chief of Staff and Minister of External Affairs, urged regional and international leaders to tackle insecurity to unlock economic potential.
He proposed a five-point agenda focused on enhancing security frameworks, integrating security with development, engaging the private sector, leveraging technology, and establishing a business council for the GoG.
Gambari emphasized the need for transparent management of natural resources to benefit local communities, claiming that inclusive governance can deter insecurity.
He reiterated the importance of collective action to fulfill the region’s economic promise.
Mr. Solomon Ewanehi, CEO of Solewant Group, highlighted the GoG’s potential, noting that responsible investment in coastal economies hinges on security and coordinated public-private partnerships.
He stressed the need for strengthened legal frameworks and operational capacity to protect regional trade and investor confidence.