President Bola Ahmed Tinubu of Nigeria on Monday swore in his 45-member cabinet. This came days after he assigned portfolios to them.
However, one aspect of the ministerial cabinet that has sparked widespread excitement among economic experts and opinion leaders is the establishment of the Ministry of Marine and Blue Economy.
According to experts and stakeholders in the marine and aquatic sector of Nigeria’s economy, the creation of this ministry is a rare display of the federal government’s urgency to breathe life and tap into economic development opportunities at the sea.
They hold the view that the new ministry, if taken seriously and given the adequate resources to function optimally, will set the nation on the path of economic prosperity and growth.
The term ‘Blue Economy’ refers to the sustainable use of ocean resources for economic growth, improved livelihoods, and overall ocean health. It encompasses various sectors such as fisheries, aquaculture, renewable energy, tourism, biotechnology, and more.
For decades, while Nigeria slumbered, other nations like Egypt were reaping bountifully from the blue economy sector.
In 2022, Egypt’s Suez Canal, which serves as a trade route between Europe and Asia, generated $8 billion in revenue from that sector.
Economic analysts say the blue economy sector holds immense potential for economic development, job creation, and providing livelihoods to coastal communities.
They estimate it to be worth more than $1.5 trillion per year globally, provides over 30 million jobs and supplies a vital source of protein to over 3 billion people.
Also, the African Union in a report said the Blue Economy can fetch Africa over $300 billion annually.
Against the backdrop of these prospects and opportunities, the experts expect that the ministry will not only help Nigeria tap into the world’s multi-billion-dollar industry but will strengthen Africa’s largest economy to compete globally.