An Exploratory Look at Nigeria’s $5bn Blue Economy Sector
By Zekeri Idakwo
In his bid to reform, revive and strengthen the economy through revenue generation as well as job creation, President Bola Ahmed Tinubu recently created a new ministry called Marine and Blue Economy. The President also appointed the immediate past Governor of Osun State, Gboyega Oyetola, as the first Minister in charge of it.
Since the creation of the Ministry, the questions on the lips of many Nigerians have been: “Which one is Blue Economy again? What does the President want to achieve by creating another confusion? Which part of the economy is painted blue?
Well, for the purpose of educating the general public, the idea of Blue Economy has nothing to do with creating confusion or painting anything blue. Blue economy is that part of the economy that is focused on sustainable use of the nation’s oceans and other bodies of water. It includes things like fishing, tourism, shipping and renewable energy.
Marine protected areas are areas of the ocean that are designated for protection usually to conserve biodiversity and ecosystems.
There are different types of marine protected areas, from fully protected “no-take” zones to areas that allow some types of activities like fishing.
Marine protected areas can be an important tool for sustainable management of the oceans. One example is the Great Barrier Reef Marine Park in Australia, which is the world’s largest coral reef system. All of these areas are managed to protect marine ecosystems and the species that live there.
Key Components
Below are some of the areas of the sector:
1. Marine renewable energy is about using the ocean’s tides, waves, and currents to generate electricity.
2. Fisheries management is about setting rules and regulations for fishing to ensure that fish populations are not overfished.
3. Coastal and marine tourism is about managing the impact of tourism on the ocean, like pollution and habitat degradation.
4. Marine biotechnology is about using marine organisms and their products for a range of applications like food and medicine.
5. Ocean observation and data sharing is about collecting and sharing information on the ocean to better understand and manage it.
6. Blue carbon is about the carbon stored in marine ecosystems, like mangroves, seagrass meadows, and salt marshes. These ecosystems help to absorb and store carbon dioxide from the atmosphere.
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7. Waste management is about reducing and managing the waste that is generated in coastal and marine areas.
8. Pollution reduction is about reducing pollution, like oil spills and nutrient runoff, that can harm marine ecosystems.
9. Ecosystem restoration is about restoring degraded marine ecosystems, like coral reefs and mangroves.
10. Sustainable aquaculture is about farming fish, shellfish, and seaweed in a sustainable way, without harming the environment.
Potential
One of the revenue potential is the fishing industry which could generate an estimated $200 million per month. This includes both the export of seafood products and domestic consumption.
According to experts, Nigeria can generate up to $5 billion annually from the blue economy by 2030. This includes potential revenue from industries like fisheries, tourism and renewable energy.
In the area of job creation, the blue economy has the potential to create a large number of direct and indirect jobs in Nigeria. For example, the fisheries industry alone can create around 2.5 million direct and indirect jobs. This includes jobs in fishing, processing, marketing and distribution. In addition, the blue economy can create jobs in tourism, infrastructure and other related industries.
Challenges
It is not enough to just create the new Ministry, the government is also supposed to put in place the necessary policies and regulations to support a blue economy. For example, there are no clear laws or policies on marine protected areas, fisheries management or carbon credits.
Another challenge is a lack of capacity, both in terms of human resources and financial resources to implement and manage the blue economy.
Hence, investing in human resources, like training and education, is critical for developing a blue economy. This includes training people to work in sectors like tourism, fisheries, and environmental management. It also includes educating the general public about the importance of protecting and sustainably using marine resources.
In addition to investing in human resources, the private sector has an important role to play in a blue economy. For example, private companies should be encouraged to invest in sustainable tourism developments or in fisheries management.They can also partner with the government on projects like mangrove restoration or marine protected areas.
Last Line:
President Tinubu has taken the bold step to create the Ministry. He has also appointed a competent hand to head it. He must equally create the enabling environment for the Minister to succeed in laying solid foundations for a future of economic prosperity for the country through the sector.