By Stephen Ubanna
President Emmanuel Macron of France appears to have realized that the era of free mining and export of gold, manganese, uranium, phosphate, cobalt, Lithium iron ore, and other mineral resources in the African Continent, often described as well placed in the world, is over.
This may have prompted the French President who is out to leverage the nation’s access to the Atlantic Ocean to diversify into the blue economy sector, following in the footsteps of countries like China, Vietnam, India, and several African and Caribbean nations. The move comes as France’s industrial sector continues to struggle due to a lack of raw materials.
Prince William of Wales, United Kingdom, UK, had seized the opportunity of the Blue Economy and Finance Forum (BEFF), hosted by Prince Albert II of Monaco and attended by top French government officials, environmentalists, scientists, and investors, to urge France and other countries toward meaningful action.
While discussing with President Macron, Prince William had told him that diversifying into the blue economy, “there is a need for ambitious action on a global, national, and local level, as life on the ocean floor is diminishing before our eyes.”
Prince William was said to have also acknowledged the financial risks of investing in ocean projects, warning participants at the blue economy forum in Monaco that “investing in the work can be a tricky proposition for investors.” He added, “We must realize the potential of the blue economy for our ecosystems, economies, and communities before venturing into the project.”
In his opening remarks at the BEFF, on Sunday, June 8, 2025, President Macron, keen to use the nation’s maritime sector to revitalize the French economy, which is in flames had criticized countries that deny climate change and cut environmental budgets. He stated that “climate change, the threat to biodiversity, and the issue of the oceans are all scientifically established.” Macron also announced that his government would soon take decisive actions and mobilize the international community in support of the blue economy initiative.
A key highlight of the week-long United Nations Ocean Conference in France was the French government’s push for the member countries of the member countries of the IMO, a UN maritime agency, to ratify the High Seas Treaty (HST), which is believed to be critical for conservation in international waters.
According to informed sources, the Monaco-based BEFF, which had served as a precursor to the UN Ocean Conference in Nice, also in France, was said to have drawn commitments from several world leaders. Nigerian President Bola Ahmed Tinubu, was represented at the high- profile event by Adegboyega Oyetola, a former governor of Osun state and now minister of marine and blue economy.
The Monaco Blue Economy Forum had focused on building a regenerative blue economy and advancing sustainable ocean finance. Participants at the Monaco, France -organized forum had emphasized the urgent need for coordinated global action ‘’to protect marine ecosystems and promote sustainable ocean resource use’’.
Discussions at the BEFF, was said to have included accelerating the transition to a resilient ocean economy, scaling up funding for Sustainable Development Goals, SDG 14 Life Below Water, and aligning marine science with policy-making to safeguard the earth’s largest ecosystem.
Nigeria’s participation in the Monaco event, according to Bolaji Akinola, Media Aide to Minister Oyetola, shows the country’s growing commitment to ocean governance, marine sustainability, and climate adaptation through the Ministry of marine and blue economy.
He noted that as the sector has continued to play a critical role in the country’s economic diversification and environmental protection. The former Osun State former governor’s presence in THE BEFF and UN Ocean Conference in France had reaffirmed ‘’Nigeria’s commitment to actively engage on global platforms and collaborate with international partners to foster innovation, investment, and sustainable practices in its coastal and marine sectors’’.
The marine and blue economy minister who had represented President Tinubu at the Monaco blue economy summit, was said to have assured the French government and the UN officials that ‘’Nigeria remains committed to the protection and sustainable management of ocean resources’’. He had emphasized the country’s readiness ‘’to play a pivotal role in driving inclusive, science-based, and economically viable ocean solutions.
On the sidelines of the BEFF, Minister Oyetola was said to have held discussions with global maritime leaders, technical experts, and institutional representatives ‘’to explore avenues for increased cooperation in blue economy development, marine conservation, and capacity-building across West and Central Africa sub-regions.
His participation in the France-hosted summit had further positioned Nigeria as a significant stakeholder in shaping global ocean governance policies ahead of the UN Ocean Conference which officially began in Nice, on Monday, June 9, 2025.
Participants at the Nice conference had discussed key agreements, including ‘’the High Seas Treaty’’ (also known as the BBNJ accord), adopted in 2023 to safeguard life in international waters. There are indications that 60 ratifications are required for the treaty to become binding international law.
President Macron, whose country had historically benefited from gold, uranium and other mineral resources extraction in the West and Central Africa n regions, had argued that ratifying the 2023 High Seas Treaty could be achieved with the commitment of the UN Ocean Conference participants in Nice. Reportedly, 50 countries have formally ratified the treaty, while 15 more have pledged to join in the near future.
During the opening of the Ocean conference, António Guterres, UN, Secretary General, had warned that the oceans, is currently’’ absorbing 90% of excess heat from greenhouse gas emissions, are buckling under the strain of over-fishing, rising temperatures, plastic pollution, and solidification’’.
He did not stop there. He had said that “coral reefs are dying and fish stocks are collapsing, noting that ‘’rising oceans will soon submerge deltas, destroy crops, and swallow coastlines and further threatening the survival of many inland communities’’.
President Macron, had taken advantage that his home country, France is co-hosting the Ocean Conference alongside Costa Rica, to have made a passionate appeal to the UN and its member countries to initiate action guided by science, law, and multilateral resolve to resolve the ocean problems.
Appealing to more than 50 nations, which had participated in the week-long programme, Macron said, “The fate of the seas should not be left to markets and opinions’’. According to him ‘’climate change and biodiversity loss are not a matter of opinion, they are scientifically established facts that affects the ocean.”
The UN Ocean Conference in Nice was said to have produced several ‘’high-stakes negotiations, including finalizing a global treaty on plastic pollution, expanding ocean finance, and navigating the controversial issue of seabed mining’’.
The event had culminated in ‘’the adoption of a political declaration and the unveiling of the Nice Ocean Action Plan’’, a blueprint aligned with the landmark 2022 Kunming-Montreal Global Biodiversity Framework, which aims to protect 30% of marine and terrestrial ecosystems by 2030.
