Blue/Green Economies: Forum Focuses On Unlocking N100bn Investment Potential

With Nigeria’s sustainable investment opportunities in the blue and green economies valued at over $100 billion annually, unlocking this potential remains critical to boosting the nation’s economy, stakeholders have identified.

To facilitate this, the Nigeria Development and Finance Forum (NDFF) 2024 Conference has been convened to strengthen the momentum for Nigeria’s economic growth and catalyse development in the country’s blue and green economies, the organisers have said.

Themed “The Road to Economic and Social Welfare Transformation”, the high-level gathering of public, private, social, and international sectors leaders is scheduled to hold on 8-9 May 2024, at Transcorp Hilton, Abuja.

“The overarching aim of the conference is to provide a strong backing for a holistic and transformative reform agenda for the Nigerian economy to foster sustainable economic progress in the country,” Jide Akintunde, director of NDFF, said in a statement by the Planning Group for the conference. “Besides addressing broader issues of fiscal policy for job creation, revitalising industries and markets, and health and social welfare, we will host two industry-focused sessions on the blue and green economies.”

According to NDFF, the worldwide blue or ocean economy, which encompasses all economic activities related to oceans, seas, and coasts, is valued at around $1.5 trillion per year, and is set to double by 2030 to $3 trillion.

“Among the recent impetuses for higher growth prospects of the Nigerian blue economy is the creation of the Federal Ministry of Marine and Blue Economy and the extension of the Nigerian seaward continental boundaries from 200 to 220 nautical miles by the United Nations’ Commission on the Limits of the Continental Shelf,” NDFF said, adding that “the Nigerian blue economy still requires more policy support, market frameworks, and investments to deliver on the prospects of the sector. The conference will, therefore, bring stakeholders together to address the challenges and provide insights for harnessing the growth opportunities in the sector.”

NDFF said it is also showcasing the Nigerian green economy, with the aim of boosting investment for the nation’s sustainable development.

“The focus of green growth strategies is ensuring that natural assets can deliver their full economic potentials on a sustainable basis,” said NDFF. “Given the opportunities in tech, agriculture, manufacturing, power, and transportation, etc., Nigeria’s sustainable investment opportunities have been valued at $100 billion annually. Our high-level panel of experts will discuss how to unlock the investment potentials.”

In an earlier statement, Akintunde had noted that the conference is strategically timed to hold close to the first anniversary of the President Bola Ahmed Tinubu administration to provide a structured interface between policymakers, industry leaders, civil society leaders, academics, and leaders of international institutions to maximise the positive impact of economic reform.

As a key part of the agenda for the two-day event, two state governments will be showcasing the reform agenda and investment opportunities in their respective states.

NDFF was conceived to provide briefings to international investors, the global policy community, and Nigerians in diaspora on the Nigerian policy and investment climate and opportunities. Its previous conferences were successfully hosted in London, Washington D.C., and New York.

Access Holdings Plc, Bank of Industry, Nigerian Export-Import Bank, Stanbic IBTC Bank and the National Agency for Food and Drugs Administration and Control (NAFDAC) are among the sponsors of this year’s event. Media partners include Financial Nigeria, Government & Business Journal, TheCable, TV Continental, and News Central TV. Detail Commercial Solicitors, one of Nigeria’s leading law firms, is an Organising Partner for the event.