Blue Economy can contribute $1.5tn to Economy if Managed – Lodge

The Secretary-General, International Seabed Authority, Michael Lodge, has revealed that the sustainable development of deep seabed resources located in Africa’s continental shelves and in the international seabed area can contribute to the development of Africa’s Blue Economy.

He disclosed this during a pre-event press briefing on the imperative of supporting Africa’s Blue Economy in Abuja.

The event is jointly organised by the International Seabed Authority in collaboration with National Boundary Commission, Federal Ministry of Transportation, Nigerian Maritime Administration and Safety Agency and other relevant Ministries, Departments and Agencies and aimed to support the strategy of Africa’s Blue economy.

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Quoting the United Nations statisics, Lodge said Blue economy could also contribute up to $1.5tn to the global economy if effectively and sustainably managed.

He said “The sustainable development of deep seabed resources located in Africa’s continental shelves and in the international seabed area could be a key driver for the development of Africa’s Blue Economy. According to the United Nations, Blue Economy could contribute up to $1.5tn to the global economy if effectively and sustainably managed.

He added, “This is a huge opportunity for Africa and each African state. The oceans and seas surrounding the African continent include a wealth of natural living and non-living marine resources. This inspired a growing interest in the sustainable development of the African Blue Economy.”