Among the ministers inaugurated by Nigeria’s President Bola Tinubu in August 2023, were those for the newly created ministries; one of them, the Ministry of Marine and Blue Economy.
A former Governor of Osun State in southwest Nigeria, Adegboyega Oyetola was assigned to the Ministry of Marine and Blue Economy.
It was the first time the government was creating a ministry exclusively for the marine and blue economy, which had hitherto been part of the Ministry of Transportation.
The terms, `blue economy’ and `marine,’ can be used interchangeably because they are closely related. According to the World Bank, the blue economy is the sustainable use of ocean resources for economic growth, improved livelihood, and job creation while preserving the health of the ocean’s ecosystem. Therefore, the marine and blue economy is a sector that seeks to conserve marine and freshwater resources while sustainably using them to engender economic growth and produce resources such as energy, transportation systems, and food.
The creation of the Ministry of Marine and Blue Economy places Nigeria in the league of countries that have committed to the blue economy concept. Denmark and Norway are countries that have embraced a blue economy with recent entries like Nigeria, Kenya, and some other African countries that share the Atlantic and the Indian oceans.
An agreement reached in September 2023 by the naval authorities of Nigeria, Benin, Togo, and Niger is to enhance safety and security at the maritime domains of the waterways around these countries that underscored the importance of the aquatic sector of the economy. Such initiatives have provided the platform for Nigeria to leverage the resources in its maritime environment and ways to drive the blue economy in a safe and secure ocean for the required growth.
The blue economy has tremendous economic promises and capabilities. The Organization for Economic Cooperation and Development (OECD), estimates an annual contribution of one point five trillion dollars with an asset value of 24 trillion dollars from ocean resources to the global economy. This implies that the livelihood of nearly three billion people depends on ocean resources.
The African Union (AU) estimates show that the blue economy currently yields 300 billion dollars for the continent and supports 49 million jobs.
Because the blue economy concept aims to market economic processes and social inclusion, it is the imaging gift for the teeming unemployed Nigerians as the country marks its 63rd independence anniversary with a brighter future.
This year’s independence anniversary comes with the expected gains that Nigeria would derive from the marine and blue economy as the key indicator in the spotlight by the Renewed Hope Agenda mantra of the Tinubu administration.
The Director-General of Nigeria Maritime Administration and Safety Agency, (NIMASSA) Dr. Bashir Jamoh said that the blue economy in Nigeria is massively underutilized despite its enormous prospects for growth and development.
NIMASA as one of the key agencies under the blue economy sector should adopt a blueprint that will fast-track a properly managed sector with strong policies to ensure that the ocean stands the chance of strengthening the economy of Nigeria for future generation’s needs and benefits.
Three thousand eight hundred kilometers of Nigeria’s ten-thousand-kilometer water base is navigable. At present, Nigeria’s waterways are not well developed for the transportation of people and goods. It is expected that deliberate and urgent measures will be taken to develop them for the sector’s desired growth in the country.
The creation of the marine and blue economy ministry is the right step towards the utilization of Nigeria’s huge resources in the ocean for maximum benefits.
There is however an urgent need for the creation of sea routes to link other West African neighbours like Angola, Gabon, and Ghana. This would boost the overall economic growth of the coastal nations and reduce dependence on oil revenue.
