Nigeria To Tap Into $1.5trn Global Blue Economy, Jobs As Experts Hail Tinubu Over New Ministry

Experts in the Marine sector have hailed President Bola Ahmed Tinubu for finally creating an independent Ministry to be known as Marine and Blue Economy, saying it offers Nigeria the opportunity of tapping into the $1.5trillion global prospects annually, among others.

Tinubu had on Wednesday assigned portfolios to ministers-designate, with Hon. Olubunmi Tunji-Ojo announced as the Minister of Marine and Blue Economy Ministry.

Reacting to the development, the blue wealth experts, in a statement signed by Lady Nduka Edede, said the new ministry would ensure that the country benefits from the ocean resources.

They noted that the maritime industry, which the blue economy belongs to, needed to stand on its own, hence it’s also laudable that the President separated it from the Ministry of Transportation.

With this new Ministry, the experts expressed optimism that the nation will benefit from the Blue Economy estimated to be worth more than $1.5trillion per year globally, and create jobs for millions of teeming Nigerian youths.

They said, “The decision by President Bola Ahmed Tinubu to finally create a ministry to be known as Marine and Blue Economy is a welcome development. In Nigeria, the economic impact of poor handling of ocean resources has been most significant. For instance, in 2019, the country lost about 80 per cent of her fishing industry capacity to neighbouring countries in the Gulf of Guinea region following the persistent threat of maritime security concerns, low policing of inland waters and constant pollution of waters. With this new Ministry, Nigeria will benefit from $1.5 trillion the world’s Blue Economy and create jobs for millions of our teeming youths.”