Federal, Lagos Govts Pledge To Harness Full Blue Economy Potential

The federal and Lagos State governments on Thursday restated their commitments to harness the potential of their blue economy for sustainable growth and job creation.

Speaking at the 11th Lagos International Climate Change Summit, themed: “The Blue Economy, Green Money: Financing Africa’s Coastal Resilience and Ocean Innovation,” organised by the Lagos State Ministry for Environment and Water Resources, Lagos State Governor, Mr Babajide Sanwo-Olu, said the discussions at the summit are not just peripheral but are pivotal.

He added that the state government’s approach to the climate era is anchored in three interconnected pillars: Resilience, Innovation, and Financing.

Governor Sanwo-Olu said, “We are building coastal resilience to protect lives and livelihoods. We are driving ocean innovation to reimagine commerce and mobility. And we are unlocking green and blue finance to power both.

“The Great Wall of Lagos, one of Africa’s most ambitious coastal defence systems, has transformed what could have been an Atlantic wasteland into the thriving Eko Atlantic City — a living testament to human ingenuity and Lagos’ defiant optimism. What was once threatened by erosion now stands as a beacon of renewal.”

He added that transportation by water, which the state government has just launched under the Omi Èkó Initiative, aims to redefine urban mobility with a low-carbon water transport network, powered by partnerships with the French Development Agency (AFD) and the European Investment Bank (EIB).

In his keynote address at the summit, the Minister of Marine and Blue Economy, Adegboyega Oyetola, said, ‘’Nigeria’s coastline and inland waterways form one of West Africa’s most strategic frontiers. Supporting vital sectors, including fisheries, shipping, tourism, energy and biodiversity conservation, which collectively possess the potential to redefine Nigeria’s growth model.

“It presents a unique opportunity for Nigeria to transition from oil dependency to a diversified, innovative-driven and environmentally resilient economy. The establishment of the Federal Ministry of Marine and Blue Economy in 2023 marked a major policy breakthrough under the administration of President Bola Ahmed Tinubu.”

He stated that the Ministry of Marine and Blue Economy has implemented wide-ranging reforms to strengthen governance, integrate policies, and position Nigeria as a continental leader in sustainable maritime development.

Earlier, the state commissioner for environment and water resources, Tokunbo Wahab, stated that this year’s summit reflects his ministry’s resolve to unlock sustainable financing and pioneer innovative solutions that will safeguard the oceans, strengthen the coasts in Lagos, and unlock prosperity for future generations.

He said that the incredible resource is also one of the most significant vulnerabilities, saying, “Scientific evidence shows that Lagos faces real threats from rising sea levels, extreme flooding, and soaring temperatures. Every day, we witness pollution in our waterways, from the careless dumping of liquid and solid waste to the spread of plastic pollution and unregulated dredging.

“Lagos sees opportunity, with this summit we have the chance to redefine our relationship with the ocean, not as a resource to be exploited but as a living system to be nurtured, one that sustains both our people and our planet. The blue economy represents more than just water-based industries; it embodies a new frontier for sustainable prosperity.”