Creation of the Marine and Blue Economy Ministry is welcomed by all parties as being long overdue

The 45-member cabinet of President Bola Ahmed Tinubu was sworn in on Monday. This happened a few days after he gave them their portfolios.

The creation of the Ministry of Marine and Blue Economy, however, is one feature of the ministerial cabinet that has generated a lot of enthusiasm among analysts of the economy and influential figures.

Experts and players in Nigeria’s marine and aquatic economy say the establishment of this ministry is a unique example of the federal government’s determination to revive and seize prospects for economic development at sea.

They believe that if the new ministry is taken seriously and given the resources it needs to operate at its best, it would lead the country towards economic progress and prosperity.

The phrase “Blue Economy” describes how ocean resources are used in a sustainable manner to support economic development, better human livelihoods, and overall ocean health. It includes a number of industries, including aquaculture, renewable energy, tourism, biotechnology, and more.

While Nigeria slept for many years, other countries like Egypt were richly benefiting from the blue economy.

The Suez Canal in Egypt, which connects Europe and Asia by way of trade, brought in $8 billion in revenue in 2022.

According to economic commentators, the blue economy sector has enormous potential for economic growth, job creation, and supplying coastal populations with a means of subsistence.

They calculate that it generates more than $1.5 trillion in annual worldwide revenue, more than 30 million employment, and supports more than 3 billion people with a crucial source of protein.

The African Union also claimed in a paper that the Blue Economy could bring the continent over $300 billion yearly.

The experts urged Adegboyega Oyetola, the pioneering Minister, and his colleagues in that ministry to thoroughly comprehend the concept and crucial function of this special and innovative ministry in light of these prospects and opportunities.

They anticipate that the ministry will not only enhance Africa’s biggest economy so it can compete on a global scale but also assist Nigeria in tapping into a multi-billion dollar industry.

The “Blue Economy” is a notion that has gained popularity in the previous ten years, according to Jude Nwandu, an economist and managing director of Netolinks Consultancy Lagos.

He based this on the fact that nations’ natural resources were running out and that they needed to diversify their economies in order to generate more income in order to meet the social requirements of their citizens.

“Another major reason why the Blue Economy concept has become very important is the need to safeguard the earth through the sustainable exploitation of marine resources for the benefit of generations unborn,” Nwandu told OBASANJO NEWS24.

The Sustainable Development Goals (SDGs) are the foundation of the blue economy concept, he added.

SDG 14, which discusses living underwater, serves as an illustration. The population increase, according to that specific SDG 14, exacerbates pollution, overfishing, coral bleaching, and the loss of coastal ecosystems.

“Human activity has damaged two-thirds of marine areas, and a third of sharks, rays, and reef corals are in danger of going extinct,” the economist claimed.

While praising President Tinubu for giving in to the nation’s maritime community’s long-awaited policy advocacy by establishing the Ministry of Marine and Blue Economy, Senior Advocate of Nigeria Olisa Agbakoba predicted that the government could generate N7 trillion in revenue from the maritime sector.

It has been left out significantly. Nigeria must develop policy concerns in order to take advantage of the enormous economic prospects as it is a marine nation.

“This is a sector that will easily contribute at least N7 trillion to the public revenue,” Agbakoba added. “With the right direction of the government.”

Speaking about the potential of the new ministry, Bashir Jamoh, director-general of the Nigerian Maritime Administration and Safety Agency (NIMASA), stated that the establishment of this “long overdue ministry” will significantly advance the President’s plans and programmes for the maritime and aquaculture sectors of the economy.

Jamoh further advised Nigeria to seize the possibilities in the country’s maritime sector.

“New prospects are all around us, and I’m delighted Nigeria will study the blue economy concept with the establishment of this ministry.

The sustainable use of ocean resources for job creation, improved livelihoods, and economic progress is referred to as the “blue economy” since it protects the ecosystem’s vitality.

“Blue Economy activities include deep-sea mining and seabed extractive industries, coastal tourism, fishing and aquaculture, renewable energy, water desalination, undersea cabling, marine genetic resources, and biotechnology.

In all honesty, this ministry has been long delayed, and more significantly, it will help the economy diversify, said Jamoh.

The establishment of the Ministry of Maritime and Blue Economy is long overdue and would result in jobs, sustainable growth, and riches for the nation, according to ship owners under the auspices of the Integrity Group of the Nigerian Indigenous Shipowners Association (NISA).

They raised high hopes in the minister’s ability to produce the desired outcome that led to the founding of the ministry.

“We applaud the government’s foresight in selecting a candidate who can provide new viewpoints and creative ideas to the discussion.

“We recognise that there might be difficulties ahead, and the Integrity Group is prepared to offer assistance and knowledge to assure the success of measures meant to improve the maritime industry.

In a statement it released over the weekend, NISA stated, “We look forward to constructive dialogues and collaborative efforts that will further strengthen the industry’s role in the national economy.”

Mr. Iroche, a researcher at the African Studies Centre, University of Oxford, England, evaluated the blue economy’s potential and laid out the goals for the new ministry, arguing that the government’s efforts to explore Nigeria’s untapped marine and blue economy must be founded on a clear understanding of the idea and the enormous advantages it holds for the country.

According to him, the development of the “blue economy” demonstrates how governments have come to understand how important it is for the nation to diversify its economy and reduce its reliance on a single commodity, namely crude oil.

According to Iroche, Nigeria must look for new sources of income due to the fluctuating demand for oil globally and environmental concerns.

He emphasised that by generating new employment possibilities and luring foreign investment, the blue economy offers a potential path for long-term economic progress.

Nigeria stands to benefit much from truly adopting the blue economy. First off, it provides a chance for economic diversification, lowering the nation’s excessive reliance on crude oil.

“The expansion of Nigeria’s economy has enormous potential, for instance, in the fisheries sector. The nation has extensive fishery resources thanks to its 850-kilometer-long coastline.

“However, Nigeria’s fisheries sector is mostly underdeveloped because of poor infrastructure, antiquated fishing methods, and insufficient regulatory frameworks.

Nigeria can substantially raise its fish production, both for local use and export, by investing in contemporary fishing equipment, upgrading infrastructure, and putting in place efficient laws. According to him, doing so would improve food security, stimulate the economy, and reduce poverty in coastal areas.

The blue economy potential of Nigeria includes maritime transportation.

80% of global trade, according to a report from the United Nations Conference on Trade and Development (UNCTAD), is transported across the ocean.

The amount of trade that travels by sea every day is estimated at $3.4 trillion by UNCTAD. This represents a sizable revenue for countries that have set themselves up to benefit from a blue economy.

And Iroche thinks that the Ministry of Marine and Blue Economy needs to quickly get up and join the group of countries that are benefiting from the wealth.

“Nigeria can become a major hub for maritime trade and logistics in West Africa,” he said, referring to the country’s advantageous location in the Gulf of Guinea.

Nigeria can attract more shipping companies, boost trade volumes, and create significant money by upgrading and modernising its ports, enhancing connectivity, and strengthening marine security. This would boost the nation’s economy and solidify its position as a regional economic powerhouse.

“Nigeria can also use the blue economy’s renewable energy component. The country’s abundant water resources offer the perfect setting for the growth of renewable energy sources like hydroelectricity.

“The Ministry of Power would have to synchronise with the Ministry. By making investments in renewable energy infrastructure, Nigeria can lessen its dependency on fossil fuels, slow down global warming, and give its people access to clean, inexpensive electricity.

In addition to promoting sustainable growth, this would also open up job opportunities and draw in capital for the renewable energy industry.

“Nigeria’s blue economy has potential for the travel industry. Therefore, it would be crucial for the ministry to work with the Ministry of Tourism to promote tourism and help it reach its full potential.

“Both domestic and foreign tourists find the nation’s stunning beaches, diversified marine ecosystems, and rich cultural legacy to be appealing travel destinations.

“Nigeria can expand its tourist business, produce income, and create jobs by investing in coastal tourism infrastructure, supporting sustainable tourism practises, and protecting marine biodiversity.

He continued, “This would not only encourage cultural exchange and environmental preservation but also contribute to economic growth.”

Iroche did add, though, that in order to fully realise this potential in the blue economy sector, the government needs make investments in cutting-edge technology, upgrade infrastructure, put in place efficient rules, and encourage environmentally friendly behaviours.

Nigeria could “clear the way for sustainable economic growth, the creation of jobs, and a brighter future for its citizens” by doing this, he claimed.

In order to strengthen the new ministry, he asked the government to make concerted efforts.

The potentials of the blue economy are numerous, but in order to realise them, clear strategies should be devised together with a persistent commitment and political will to carry them out, he said.