UNGA80: Stakeholders chart course to unlock $800bn Gulf of Guinea economy

Policymakers, diplomats, security experts, and business leaders gathered in New York on Thursday for a high-level roundtable on “Unlocking Energy, Oil & Gas, Minerals, Aviation and Maritime Opportunities in the Gulf of Guinea,” where they emphasized that peace and security remain central to unlocking the region’s vast economic potential.

Convened on the sidelines of the 80th United Nations General Assembly (UNGA80) by The New Diplomat, an Abuja-based policy think tank and publisher, the event was hosted at Nigeria’s Permanent Mission to the UN.

It drew global thought leaders, including former UN Under-Secretary-General for Political Affairs, Prof. Ibrahim Gambari; Director-General of the UN Office in Vienna, H.E. Ghada Fathy Waly; Bayelsa State Governor, Senator Douye Diri; Deputy Executive Secretary of the Gulf of Guinea Commission (GGC), Amb. Obinna Agbugba; and Nigeria’s former Chief of Naval Staff, Vice Admiral A.Z. Gambo (rtd).

Gulf of Guinea’s untapped wealth

Ambassador Oma Djebah, founder of The New Diplomat and co-lead host of the forum, described the Gulf of Guinea (GoG) as a “strategic crossroads of global commerce, energy and security,” rich in underutilised opportunities.

“The Gulf of Guinea stands as a critical gateway for international commerce and a reservoir of immense, yet underutilised, potential,” he said, stressing that peace and security frameworks are essential to attract investment and sustain development.

According to the OECD, Africa’s coastal economy could reach $3 trillion within five years, with the Gulf of Guinea contributing about $800 billion and generating over 49 million jobs. The sub-region spans 25 coastal states, accounts for nearly half of Africa’s oil production, and serves as a critical shipping corridor for hydrocarbons, minerals, fisheries, and logistics.

Gambari’s roadmap

Delivering the chairman’s remarks, Prof. Gambari noted that while the Gulf of Guinea holds vast promise, ranging from oil and gas to minerals and maritime trade, it remains plagued by piracy, smuggling, oil theft, illegal fishing, and maritime terrorism.

He outlined four strategic priorities to unlock the region’s potential:

Strengthen regional security frameworks, particularly the Yaoundé Architecture and the proposed Combined Maritime Task Force.

Align maritime security with development plans, including ECOWAS Vision 2050.

Deepen international and private sector engagement through blended financing and PPPs.

Harness technology and data to enhance maritime domain awareness and train a new generation of professionals.

“Economic opportunity, when paired with inclusive governance, is itself a powerful deterrent to insecurity,” Gambari said.

Calls for private sector engagement

Vice Admiral Gambo, in his keynote, stressed that security is not a cost but an enabler of economic growth. He called for a Gulf of Guinea Business Council to institutionalise collaboration between governments, private investors, and development partners.

Ambassador Agbugba of the GGC also unveiled a four-pillar roadmap focused on security, governance, regional integration, and partnerships, urging stronger powers for the GGC to coordinate long-term development.

From security to shared prosperity

Speakers agreed that building investor confidence, strengthening governance, and harnessing the blue economy—covering aquaculture, biotechnology, shipping, and coastal tourism – are crucial to transforming the region.

The roundtable linked its objectives to continental and global frameworks, including the African Continental Free Trade Area (AfCFTA), the African Union’s Agenda 2063, and the UN Sustainable Development Goals. Experts noted that reducing trade barriers and improving maritime security could unlock an additional $560 billion in African trade over the next decade.

As the forum closed, participants reaffirmed their commitment to turning the Gulf of Guinea into a hub of peace, stability, and prosperity, in line with UNGA80’s theme: “Building Our Future Together.”