Nigeria, The Potential Of A Blue Economy

The creation of a new ministry, Marine and Blue Economy, by President Bola Tinubu, was greeted with a high sense of anticipation as many Nigerians saw in its novelty the potential to truly diversify the economy away from sole dependency on hydrocarbon and expand the nation’s revenue base.

The blue economy, which encompasses the sustainable use of ocean resources for economic growth, is expected to revolutionize Nigeria’s maritime industry and provide a significant boost to the country’s economy.
Experts in the sector posit that it is one of the best ways government can actually give a boost to the nation’s Gross Domestic Product (GDP) and be part of the international activity that is believed to have the capacity to yield trillions of dollars in revenue generation.

There’s no gainsaying the fact that the country’s vast under-utilised blue economy offers huge opportunities for growth and development to overcome its present economic challenge.

Industry experts also claim that a committed and sustained exploitation of resources in the blue economy is a job creation enabler, capable of improving food security, enhancing tourism and infrastructure development just as it can give real meaning to the country’s green energy pursuits among other benefits.

At a workshop held recently in Abuja, themed, “Unlocking the potential of market-ready technological solution for blue economy in Nigeria,” the Director General, National Centre for Technology Management (NACETEM), Dr Olusola Odusanya, said like Phillipines, Nigeria can leverage the activities in and around its oceans, seas, and coastal areas by generating over $70 billion yearly to the nation’s economy.

The Philippines is estimated to be generating in excess of $70 billion per annum from its marine operations. It is on record that that Asian country provide the industry worldwide with highly needed middle and low-level workers.

On the other hand, there are few Nigerians on vessels across the world and this is just one sector that is guaranteed to increase the country’s participation in the industry.

In a country that is grappling with employment issues, with unemployment rate increased marginally to 4.2 percent during the second quarter of the year (Q2 2023) compared to 4.1 per cent in the preceding quarter, according to the National Bureau of Statistics (NBS), the sector can help to tackle this challenge.

No doubt, as a new terrain, it has the potential to create new wealth not previously thought possible.
The truth of the matter is that any income that comes from the blue economy is new income and that is what we, as a country, desperately need now.

However, we are worried that an eerie silence seems to have enveloped the newly created ministry of Marine and Blue Economy, since the inauguration of the cabinet ministers.

Apart from the usual fanfare that accompanied the inauguration, and how much the country stands to benefit, Nigerians have been left virtually in the dark on its activities.

In our considered opinion, when it comes to the bolts and nuts, we really need to get ourselves together as enablers of government policies.

Exploring and seeking economic diversification away from over-reliance on fossil fuel proceeds and looking more to the wealth inherent in, around and under the nation’s waters should be top priority in the administration’s bucket list.

That, in our opinion, is the elephant in the room. The nation has consistently been missing opportunities because they are dressed as hard work. It is happening in many other sectors and we fear that it might happen in this new vista of economic reality.

Deriving from this perspective, therefore, seven months, in our opinion, is enough time to come up with a roadmap or blueprint on how to explore this all-important sector that has great potential before it becomes a worthwhile route not taken.

The country has been losing out in the massive opportunities inherent in the multi-trillion dollars blue economy and no time should be wasted in harnessing its benefits.
As we move to the new year, there’s need to explore and tap into sensitive stakeholders on what must be done to significantly exploit this good fortune identified belatedly.