A maritime expert, Capt. Laurence Smith, says global smart ports market, valued at two billion dollars in 2022, will worth $15.5 billion by 2032 through digitalisation of African ports.
Smith, who is the Chief Operating Officer, Lekki Port, made the projection at the Business Conference and Exhibition of the 2024 International Maritime Week, in Lagos on Wednesday.
The week had the theme: “Nagivating 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 that smart ports market was projected to grow at CAGR of 23.1 per cent from 2022 to 2032.
He said that digitisation would enhance Africa’s trade efficiency, attract investment and bring about economic and social development.
Smith highlighted some challenges preventing Africa’s ports from operating optimally.
“These problems include lack of a fully-integrated rail and road system, manually operated loading and offloading at the ports,” he said.
He said that the challenges included absence of digital transformation and adoption of smart systems that would keep supply chains moving smoothly.
Smith said that Lekki Port was one of the most advanced ports in West Africa and had become a pivotal hub, bolstering commercial activities throughout West Africa.
He said that the port was at the forefront of technological innovation with adaption of new technologies in its operations, including real-time tracking, digital documentation and automated processes.
According to him, as a modern port, Lekki Port boasts of state-of-the-art facilities that have made operations seamless, such that in one year of commercial operations, it has become the hub of maritime trade in West Africa.
Smith added that Lekki Port was fully automated and equipped with facilities that guaranteed quick turnaround time.
He said this was evident in its cargo handling which was taken care of by the use of best-in-class NUTECH FS 6000 scanners for secure and efficient cargo processing, supported with a Vehicle Booking System (VBS)/Auto Gate.
Mrs Sofieye Uzor from Starzs Investments Company Ltd., who delivered a paper on “Fleet Development and Growth of the Blue Economy”, said that fleet development was crucial for diversification of the Nigerian economy.
Uzor said African Continental Free Trade Agreement, with 54 African Union member-states, of which 46 nations had deposited ratification instruments, had given a hope for $450 billion income boost by 2035.
Uzor said that maritime players should look into developing other aspects of the blue economy such as fishing and leisure.
Uzor added that both the Federal Government and the private sector had pivotal roles to play in achieving the diversification.
