‘Long overdue’ – Creation of Marine and Blue Economy Ministry excites stakeholders

On Monday, President Bola Ahmed Tinubu swore in his 45-person cabinet. Days after giving them portfolio assignments, this happened.

The creation of the Ministry of Marine and Blue Economy, however, is one feature of the ministerial cabinet that has greatly excited economic specialists and opinion leaders.

The establishment of this ministry is a rare example of the federal government’s urgency to breathe life into and take advantage of chances for economic development at sea, according to experts and players in Nigeria’s marine and aquatic sector of the economy.

They believe that the new ministry will lead the country toward economic progress and prosperity if given the attention it deserves and the resources it needs to do its job well.

The sustainable use of ocean resources for economic development, enhanced livelihoods, and improved ocean health is referred to as the “Blue Economy.” It includes a variety of industries, including aquaculture, tourism, biotechnology, renewable energy, and fishing.

For many years, as Nigeria dozed off, other countries like Egypt reaped enormous benefits from the blue economy.

The Suez Canal in Egypt, which connects Europe and Asia, brought approximately $8 billion in revenue from that industry in 2022.

According to economic commentators, the blue economy sector has enormous potential to boost the economy, create jobs, and give coastal towns a source of income.

They estimate that it is worth more than $1.5 trillion annually, supports over 30 million jobs, and gives more than 3 billion people a crucial source of protein.

In a paper, the African Union also claimed that the Blue Economy might bring the continent over $300 billion a year.

Adegboyega Oyetola, the pioneering Minister, and his colleagues in that ministry were encouraged by the experts to completely comprehend the concept and crucial function of this distinctive and innovative ministry in light of these prospects and opportunities.

They anticipate that the ministry will enhance Africa’s largest economy so it can compete on a global scale in addition to helping Nigeria access the multi-billion dollar global sector.