Stakeholders applaud FG’s renewed emphasis on marine, blue economy

The Federal Government’s decision to create the Ministry of Marine and Blue Economy has been praised by stakeholders, who are hopeful that it would expand research into Nigeria’s coastal potential.

Some of them expressed hope to the News Agency of Nigeria (NAN) that the ministry will reinvigorate the country’s seaports and accelerate economic growth nationwide.

If the vast potentials in the marine industry were properly utilised, they claimed, the new ministry would be able to produce more than $1.5 trillion annually and create millions of employment.

According to NAN, the blue economy includes all business ventures connected to the oceans, seas, and coastlines.

It refers to the economic sectors including offshore wind energy, tourism, marine biotechnology, fishing, agriculture, and transportation that depend on oceans and waterways as well as the societies that do so.

Oceans and seas, which make up more than 70% of the earth’s surface, are a source of natural resources, renewable energy, food, and medicine for billions of people worldwide.

However, Mr. Ayotunde Bally, the Chief Executive Officer of Arvofinance, has urged players to embrace innovative and cooperative tactics to open up the marine industry in order to fully exploit its potential.

Bally stated to NAN in Lagos that significant expenditures in port infrastructure, shipbuilding facilities, and coastal management systems would have a significant impact on the new ministry.

Such investments, according to him, are essential for boosting the marine industry of Nigeria’s competitiveness and efficiency.

He asserted that creating new ports, expanding current ones, and enhancing connectivity will draw in foreign trade and spur economic expansion.

The finance expert stressed the importance of supporting the growth of maritime capabilities through educational and vocational training courses.

It will be easier to develop a trained workforce capable of fostering innovation and competitiveness within the sector by working together with educational institutions and industry professionals.

“Improvement, investment, and technology transfer will be made possible through fostering collaboration between the public, commercial, and international entities.

“Public-private partnerships can make it possible to share resources, knowledge, and best practises, ultimately fostering the maritime industry’s sustainable growth.”

In order to create an environment that supports stakeholders’ commercial interests, he urged the removal of administrative obstacles while maintaining transparency.

According to Bally, establishing transparent and equitable regulatory frameworks would benefit Nigeria in luring both domestic and global investors, fostering a strong and vibrant marine economy.

“We must also invest in research and development initiatives to unlock new opportunities within the blue economy,” he added.

He continued by saying that promoting relationships between academic institutions, research organisations, and business leaders would promote the creation of cutting-edge innovations and solutions.

“The establishment of the ministry marks a critical turning point in the nation’s strategy for utilising the enormous potential of its coastal resources.

The government’s appreciation of the substantial economic prospects present in the maritime industry is demonstrated by this strategic choice.

He claims that the ministry will have a significant impact on Nigeria’s economy since it will make economic diversification easier and lessen the country’s dependency on oil as its main source of income.

He pointed out that there are many different sectors within the marine economy, including shipping, fisheries, aquaculture, tourism, and offshore exploration, providing a variety of opportunities for economic development and job creation.

Additionally, the ministry’s emphasis on sustainable practises will guarantee the prudent use and protection of maritime resources.

He continued, “Nigeria can attract foreign investments and establish itself as a global leader in sustainable blue economy practises by encouraging sustainable fishing methods, protecting marine habitats, and supporting eco-friendly tourism activities.

The African Blue Economy Strategy has received praise from people all around the world as an economic tool that everyone should embrace, according to Ms. Funmi Folorunso, Secretary General of African Shipowners.

According to Folorunso, the establishment of a ministry just for it is a sign of purposeful leadership prepared to maximise the blue economy’s potential for Nigeria.

As a nation, we must prioritise areas for improvement, make a list of these potentials, and commit both human and financial resources to them.

Rev. Jonathan Nicole, a different participant and the former president of the Shippers Association of Lagos State (SALS), told NAN that for the ministry to have an impact on the economy, the government needed reintroduce practical economic policies that would draw investors and preserve their investment.

Nicole asserts that rules should ensure a balanced trading environment and assist in streamlining the procedures for quality investment and its sustainability.

In particular, with the Nigeria Customs Service, where things are valued more highly than human life, the government should replace the survival of the fittest environment that breeds severe government policies.

“For the time being, Nigeria’s only option for shipping is to rely on international shipping companies to convey products and services.

“Government should reinstate the shipping regulation that required shipowners to pay their local agents as it formerly did. This will end the expense of local shipping.

“The shipping policy should be broad enough to provide the step-by-step requirements in Shipping trade in Nigeria,” the man added.

According to Nicole, the expansion of the maritime industry would increase Nigeria’s options for acquiring cutting-edge boats for ferries and other forms of cross-border trade via sea routes.

The primary port with navigable draughts, handling containers, and general cargo may be Warri Port, according to his suggestion, while all ports should be associated with one regular commercial movement, such as timber in Sapele Port or fisheries in Koko.

Nicole stated that the Benin Gelegele Port should be expanded in order to connect with the nearby sea because it could handle some export cargo from the East as well as imports from the North.

In order to lower the cost of cargo clearance and reform the Nigerian Customs Tariff into a document that even smugglers would be happy to follow, he suggested the establishment of a practical intergovernmental forum.

Nicole pointed out that the ocean is the location of shipping trade and that, if correctly utilised, it might produce over N7 trillion year through fisheries, coastal interregional trade, oil and gas, seafaring, and other activities.

“The ocean is generous enough to provide water consistently to every part of existence and beyond. Our waters must be cleared of the pollution. It is important to clean up polluted areas so that aquatic life can survive.

“The blue economy will encourage clean drinking water for all, investments will be massive, and tourism will blossom,” he claimed.

According to Mrs. Eunice Ezeoke, President of the Women’s International Shipping and Trading Association (WISTA), the new ministry will open up a new area for the advancement of the country’s economic development along Nigeria’s extensive 853 km (km) and 200 nm (nm) Exclusive Economic Zone (EEZ) coastline.

She added that the coastline of Nigeria made up about one-third of the country’s total land area and that the ocean is responsible for over 49 million employment and an estimated $300 billion in economic activity in Africa.

Ezeoke contends that Nigeria must take note of this and make sure the national development strategy for the country takes into account the plans for the resources of the oceans and waterways.

“The establishment of the new ministry is an admirable step in the right direction.

The non-oil sector of the economy has been given exposure for development and expansion, and it will undoubtedly draw attention to the numerous advantages derived from the resources found in the ocean, rivers, lakes, and waterways.

However, she emphasised that the nation’s shipping strategy must be sustainable, utilising maritime resources for economic development and well-being.

“To chart the path forward and maximise the potential at all levels of the spectrum, a cogent planned, strategic, and sustainable growth strategy is required.

“The new ministry will lead to infrastructural development of the sector in the area of job creation, draw attention to and focus on technological developments, food productions, and, of course, security must improve,” she said.

Ezeoke remarked that the new ministry will include burgeoning industries including marine biotechnology, deep sea mining, renewable energy, and eco-tourism. He also noted that growth was anticipated in the areas of fishing, the transportation of commodities by waterways, and store export.

Experts and participants in various economic sectors in Ondo, Ekiti, and Osun have hailed the new ministry as a goldmine that, if properly utilised, might reverse the country’s economic fortune.

Speaking with NAN in Osogbo, Ado-Ekiti, Akure, and Okitipupa were the stakeholders.

They said that the ministry’s cash may be allocated to other crucial areas of the economy in order to promote the swift development of the nation.

According to Mr. Samuel Atiku, an economist, the ocean and deep sea are among the few industries that have not yet been fully exploited. These industries include aquaculture, fishing, tourism, and transportation.

According to Atiku, the worldwide market for seafood was worth roughly $160 billion between 2019 and 2020. He noted that predictions for the market’s value in 2027 were between $340 billion and $360 billion.

He claimed that Nigeria has a high possibility of raising significant amounts of sea monies for economic development “if the ministry is well coordinated”.

He contends that the ecosystem surrounding the ocean will secure the safety of marine life and the preservation of the oceanic structure through appropriate monitoring, coordination, and oversight.

I think we’re going in the right path, but we need to find people who are professionals in that area and can manage and guide the ministry,” he said.

Speaking in addition, Mr. Adeagbo Ilesanmi, the Coordinator of the Osun Networks of NGOs, claimed that the new ministry would increase job possibilities, enhance food security, promote tourism, expand infrastructure, and build smart ports and cities as in other developed nations.

“Under the blue economy, the government might allocate funds to fostering marine trade, generating employment possibilities for those working in the marine industry, including importing and exporting.

“With the growth of fisheries, maritime transport of goods sold internationally across sea routes is anticipated to increase.

Additionally, it is anticipated that the Federal Government’s engagement in the blue economy will increase water safety in Nigeria and facilitate the transfer of goods and commodities by water.

“Stakeholders in the maritime sector have so much to look forward to, from the new ministry, as it could provide them with a platform to do their business with ease, attract foreign investments, and have their businesses well secured,” he said.

However, in Ekiti, the stakeholders raised concerns that the development would pose serious environmental hazards while applauding the government’s renewed focus on the maritime industry.

According to Mr. Dele Oladayo, a member of the Shippers Council of Nigeria, who examined the new ministry’s economic advantages, it may turn out to be one of the most original and creative decisions the new administration has made to date.

He claimed that the maritime sector, which has such strong economic potential, has long been underutilised.

He said that the establishment of the special ministry would improve performance and provide the country with significant revenue returns and job prospects.

A retired dock worker who also spoke about the ministry, Mr. Kayode Morayo, praised the government for the endeavour and urged it to use every human resource available, including significant investment in the industry, for the best outcomes.

He explained that doing so would hasten the process of identifying further ocean potentials that might increase employment and strengthen economies.

The establishment of the new ministry, according to development expert Lawrence Omoleye, will unleash fresh economic opportunities.

He asserts that there are fresh possibilities all around us, particularly in the nation’s seas, and that one of them is investigating the idea of the blue economy.

The sustainable use of ocean resources for job creation, improved livelihoods, and economic progress is known as the “blue economy.”

Given our declining economic fortune and, more crucially, to encourage the diversification of the economy, he stated, “This ministry is long overdue.”

In a same spirit, Mr. Kunle Olaoye, a lawyer with a preference for commercial law, claimed that given the country’s enormous marine resources, which had long been underutilised, investments in the marine industry would result in sufficient blue development.

However, he counselled the government to take advantage of the current situation to develop further policies aimed at recognising the advantages of a sustainable ocean economy that would enable the nation to utilise the marine resources without allowing it to have an impact on the environment.

Investing in the blue economy, according to him, means utilising the ocean’s potential to significantly increase economic growth and employment creation.

Dr. Busuyi Adesina, an economist, praised the establishment of the ministry and emphasised how it would help the nation’s effort to increase its revenue.

Adesina clarified that the Federal Government may make significant sums of money from the sea in addition to exporting crude oil and agricultural products.

“Billions of naira are not created annually from the sea due to the country’s significant investment in the maritime industry’s transportation and importation of commodities and cars.

“The creation of the Ministry of Marine and Blue Economy by the president to oversee all business dealings and maritime operations is a wise move that will significantly boost our economy.

In order to ensure that the desired goals of establishing the ministry are realised, he said, “I believe the man in charge of the ministry, former Gov. Gboyega Oyetola, will do a good job by flushing out every corrupt individual in the sector.”

Environmentalists Mr. Omoseebi Ogunyemi and Mrs. Kikelomo Sunday have voiced opposition to the development of the Marine and Blue Economy Ministry.

According to them, the development simply demonstrated the purported government’s contempt for the environment because it allows for the continuance of petrol emissions, a key contributor to climate change and the problems it causes for many populations.

The new ministry, in Ogunyemi’s opinion, will worsen the situation of communities whose interests will be jeopardised and inflict significant harm to aquatic environments.

Additionally, Mr. Bode Ilesanmi, a public affairs analyst and member of the Civil Society Organisations, claimed that despite the blue economy’s goal of massive exploitation and commodification of natural resources, particularly waterways, it will deprive local fishermen and women of their source of income.

While praising the new ministry, Dr. Yemi Okunuga, a senior lecturer at the Olusegun Agagu University of Science and Technology (OAUSTECH), Okitipupa, expressed confidence that it will revitalise the country’s economy.

According to Okunuga, Nigeria had been running a mixed economy with the maritime sector as a significant business but without the much-needed rewards.

The don portrayed the maritime and blue economies as a brand-new goldmine that had been giving additional fortunes and investment chances to nations that had dabbled in the new phenomena.

The establishment of the new ministry, according to Okunuga, would unleash additional unrealized potential in the maritime sector given the nation’s reputation as a major oil producing and exporting nation in the world.

When appropriately tapped into through supportive legislative frameworks, the blue economy might result in employment growth, increased food security, tourist and infrastructure development, green energy, smart cities and ports, among other things.

It’s definitely a good thing that President Tinubu established this ministry; if effectively utilised through supportive policy framework, it will undoubtedly strengthen the country’s revenue generating.

“The blue economy has enormous potential for renewable energy from wind, tides, and waves, all of which require technology to capture sustainably,” stated Okunuga

Mr. Alo Martins, Executive Director, Upline Centre for Development (UCD), also spoke with NAN in Akure and urged the Federal Government to fill the ministry’s foundation with qualified individuals because the world has transitioned from the period of petroleum to embracing a marine economy.

He claims that the lack of exportable goods is the reason why the country’s economy is contracting.

“Today, the maritime economy is largely responsible for the riches of most western countries. This is a good ministry that should be created with the necessary understanding in order to help our economy.

“The Federal Government must now act immediately to avoid favouritism and nepotism by hiring the qualified and qualified individuals. The government should make an effort to place the proper pegs in the appropriate places.

“If managed by competent individuals, I envisage this ministry as a new economic hub for the entire nation.

What we currently estimate as oil revenue will be “a peanut compared to what will be generated from the ministry,” according to Martins, if the foundation of the ministry can be truly established with people of high intellectual potential.

Martins urged all parties involved to fully support the Federal Government in order to fully realise the potential of the new ministry.

Martins urged the state government to move quickly on the establishment of the seaport in the state, claiming that Ondo State will benefit from the maritime industry.

“Our coast is supposed to have been on the ground by now to reduce the pressure on Lagos port because our shore here is deeper than what we have in Lagos,” he stated. (NAN)