Professor Christopher Ekong, an economist at the University of Uyo in Akwa Ibom State, says embracing the blue economy will reduce the nation’s reliance on oil and create a resilient, inclusive, and environmentally sustainable future.
This was the key takeaway from a one-day seminar in Abuja on harnessing the potentials of the blue and marine economy.
Recognising the vast potential of the blue economy, the Nigerian government established the Ministry of Marine and Blue Economy to develop policy frameworks that would enable the country to benefit from the sector.
The intervention by the National Institute for Legislative and Democratic Studies (NILDS) aims to assess the challenges facing the sector and develop solutions to optimize its economic benefits.
The guest speaker, a university lecturer in Nigeria, highlighted that insecurity, oil bunkering, drug and arms trafficking, climate change vulnerability, and inadequate private sector involvement pose significant challenges to the industry.
He emphasised that harnessing Nigeria’s blue economy is crucial for achieving economic diversification and sustainable development.
NILDS Director-General, Abubakar Sulaiman, challenges players in the sector to find lasting solutions to maritime insecurity.
He urges Nigeria to draw inspiration from Singapore, Norway, and the United States, which have successfully harnessed their marine resources to drive GDP growth while ensuring environmental sustainability.
Government agencies expressed their commitment to contribute towards overcoming problems facing the sector.
They advocate for synergy between and among the ministries of marine, power and Petroleum ministries.
Data from the International Maritime Organisation have identified the potential in shipping, maritime trade and other onshore activities that can help drive economic growth and development.
