Nigeria, the most populous country in Africa and the largest economy in the continent, has recently taken a bold step to create a new ministry dedicated to the development of the blue economy. The blue economy refers to the sustainable use of ocean and freshwater resources for economic growth, improved livelihoods, and environmental conservation. The blue economy encompasses various sectors such as fisheries, aquaculture, tourism, renewable energy, maritime transport, and coastal protection.
The creation of the Ministry of Marine and Blue Economy is a novel development in the annals of Nigeria’s political development since 1960 when Nigeria gained her independence from the British colonial rulers . The ministry is headed by Mr. Bunmi Tunji-Ojo, a former lawmaker and a seasoned entrepreneur. The ministry’s mandate is to harness the potential of Nigeria’s vast maritime area, which covers about 923,768 square kilometers and has a coastline of about 853 kilometers.
The blue economy is a new frontier for economic development and a means of diversifying the economy through the use of resources from oceans, seas, rivers and lakes for the well- being of the people. According to the World Bank, the blue economy is estimated to contribute about $1.5 trillion per year to the global economy and is projected to double by 2030 . The blue economy also supports all of the United Nations’ Sustainable Development Goals (SDGs), especially SDG14 – ‘life below water’, which aims to conserve and sustainably use the oceans, seas and marine resources for development .
Nigeria stands to benefit immensely from investing in the blue economy, as it can provide opportunities for job creation, poverty reduction, food security, energy security, climate resilience, and environmental protection. Some of the areas that Nigeria can explore in the blue economy include:
- Fisheries and aquaculture: Nigeria has abundant fish resources, both marine and inland, that can support a vibrant fishing industry. However, Nigeria currently imports about 80% of its fish consumption due to low domestic production and high demand . By developing its fisheries and aquaculture sector, Nigeria can increase its fish production, reduce its import bill, improve its food security, and create employment opportunities for millions of Nigerians.
- Renewable energy: Nigeria has a huge potential for renewable energy from its water resources, such as hydroelectric power, wave power, tidal power, and offshore wind power. These sources of energy can provide clean and reliable electricity for Nigeria’s growing population and industries, while reducing greenhouse gas emissions and dependence on fossil fuels. Renewable energy can also stimulate innovation and technology transfer in the country.
- Tourism: Nigeria has a rich and diverse marine and coastal environment that can attract tourists from within and outside the country. Nigeria’s coastline boasts of beautiful beaches, mangroves, coral reefs, lagoons, islands, and historical sites that can offer various recreational and cultural activities for visitors. Tourism can generate revenue for the country, create jobs for local communities, and promote social cohesion and cultural diversity.
- Maritime transport: Nigeria is strategically located along the Gulf of Guinea, which is one of the busiest maritime routes in the world. Nigeria has several seaports that can facilitate trade and commerce with other countries in Africa and beyond. By improving its maritime transport sector, Nigeria can enhance its competitiveness in the global market, increase its export earnings, reduce its logistics costs, and foster regional integration.
- Coastal protection: Nigeria’s coastline is vulnerable to the impacts of climate change, such as sea level rise, coastal erosion, flooding, storm surges, and saltwater intrusion. These impacts can threaten the lives and livelihoods of millions of Nigerians who live along the coast. By investing in coastal protection measures, such as mangrove restoration, beach nourishment, seawalls, dikes, and wetlands conservation, Nigeria can reduce its exposure to climate risks, preserve its natural capital, and enhance its resilience.
The new Ministry of Marine and Blue Economy has a huge task ahead of it to realize the vision of a prosperous and sustainable blue economy for Nigeria. The ministry will have to work with other relevant ministries, agencies, and stakeholders to formulate policies, strategies, and plans that will guide the development of the blue economy in line with national priorities, international standards, and best practices. The ministry will also have to mobilize resources, build capacities, strengthen institutions, and foster partnerships that will enable effective implementation, monitoring, and evaluation of the blue economy initiatives.
Nigeria’s new blue economy is a promising opportunity for sustainable development that should not be missed. It is time for Nigeria to tap into its blue wealth and transform its economic fortunes for the benefit of present and future generations.
