Oyetola Rallies Academic Institutions On Blue Economy Potential

The minister of Marine and Blue Economy, Adegboyega Oyetola, has called on academic institutions across the country to work together with the government to harness the numerous potential inherent in the nation’s ocean and coastal resources.

The minister disclosed this, on Wednesday, at the 2024 International Conference, titled, “Advancing Entrepreneurship Education and Practice for Sustainable Development in Africa,” organised by the Institute for Entrepreneurship and Development Studies (IFEDS), Obafemi Awolowo University, Ile-Ife, Osun State.

Represented by the managing director, Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho, he named Marine Engineering and Naval Architecture; ship recycling and ship repair; Cadet training and seafaring, freight forwarding as entrepreneurial opportunities inherent in the marine and blue economy sector.

“Other opportunities are, ship brokering and chattering; cybersecurity and data science; maritime law and policy; Marine insurance; Marine insurance, maritime education and training; Maritime research and development.

“Also available are, Fisheries and Aquaculture; seafood Processing; fisheries science; Maritime real search and development; Marítime research and training; Marítime Biotechnology; underwater welding and diving, seabed mining,” he said.

He said the Marine and Blue Economy represents a blue gold mine of entrepreneurial opportunities for African entrepreneurs and researchers.

Oyetola added, “The Marine and Blue Economy represents a blue gold mine of entrepreneurial opportunities for African entrepreneurs and researchers. By harnessing innovation, embracing sustainability, and fostering collaboration between government, academia, and the private sector, we can create a thriving marine and blue economy that contributes significantly to Nigeria’s sustainable development.

“Let us work together to unlock the potential of our oceans and coastal resources, creating prosperity for our people while preserving the health of our marine ecosystems for generations to come. The future of Nigeria is blue, and it is up to us to shape it.”

Oyetola who was the former governor of Osun State, said synergies must exist between academic institutions, the government and private sector to fully optimise the opportunities inherent in the blue economy.

“The Marine and Blue Economy represents a frontier of immense potential for Nigeria and indeed, all of Africa. It is a sector that, if harnessed correctly, can drive innovation, create jobs, and contribute significantly to our national and continental GDP.

“For the purpose of this conference, I will be discussing Entrepreneurial Opportunities in the Marine and Blue Economy, with an emphasis on the synergies that must exist between academic institutions like Obafemi Awolowo University, the government and private sector to fully optimise these opportunities.

“In the layman’s language, the ‘Blue Economy’ embodies all economic activities related to our oceans, seas or coastal areas. It includes fisheries, maritime transport, renewable energy, and tourism – areas that all hold considerable potential for economic growth, employment creation and poverty reduction.

“An excellent global example worth mentioning is Norway, renowned for its significant advances in aquaculture, offshore oil drilling, wind energy, and marine biotechnology – all of which have been pivotal to its economic development.

“Drawing from the Norwegian example, Nigeria too, blessed with extensive coastlines and marine resources, can explore similar frontiers. Our aquatic environment holds potential opportunities in areas such as fisheries and aquaculture, renewable energy, -coastal tourism and biotechnology, among others,” he said.

The minister further stated that the blue economy sector promises a wealth of benefits for the growing youth population of Nigeria.

According to him, the sector offered scope for innovation, sustainable growth and fruitful entrepreneurial paths, saying the economic prospects offered by our blue economy are substantial and remarkable.

He explained, “Nigeria has an expansive coastline of 853 kilometres along the Atlantic Ocean, and a maritime area of 46,000 square kilometres within the Gulf of Guinea. Our marine resources are both vast and varied. Our exclusive economic zone spans over 200 nautical miles, achieving a recent extension of 16,300 square kilometres – approximately five times the size of Lagos State.

“Additionally, Nigeria features an extensive resource of inland waterways, with the potential to support an intra-regional trade sphere through a length of 10,000 kilometres. Strategically situated navigational routes link Africa with North and South America, Europe, and Asia, making the maritime sector a crucial catalyst of our nation’s economy.

“Thus, the blue economy sector promises a wealth of benefits for the growing youth population of our beloved nation, offering scope for innovation, sustainable growth and fruitful entrepreneurial paths. The economic prospects offered by our blue economy are substantial and remarkable.”