Stakeholders Urge FG to Develop National Policy on Blue Economy to Drive Economic Growth

Emma Okonji

The federal government has been urged to prioritise the development of a comprehensive national policy on blue economy that will state the clear guidelines on resource management, environmental protection and private sector participation, aimed at driving economic growth of Nigeria. 

Industry stakeholders made the call in Lagos recently during a one-day workshop on ‘Exploring the Potentials of Blue Economy for Sustainable Development in |Nigeria’, organised by the National Centre for Technology Management (NACETEM), in conjunction with Federal Ministry of Innovation, Science and Technology.

In a communiqué issued at the end of the workshop, the stakeholders stressed the need for adequate investment in research and capacity building in ocean sciences, marine technology, and fisheries management to improve innovation and sustainable practices. 

According to stakeholders, Nigeria has enormous potential to harness the blue economy for sustainable development. They however insisted that the potential must be explored through strategic policies; investments in innovation; maritime education and research; capacity building; and multi-sector collaborations.

The stakeholders described blue economy as the entire economic activities relating to the ocean, seas, and coasts, including renewable and marine energy, transport, engineering, fishing, and coastal tourism, as well as business and innovation ecosystems, along the shorelines.

Participants urged government and relevant stakeholders to take immediate action in developing a roadmap to unlock the benefits of the blue economy for the nation’s socio-economic growth.

In his opening remarks, the Director General and Chief Executive at NACETEM, Dr. Olushola Segun Odusanya, explained that the marine and blue economy was a well-thought-out idea by the federal government to open up new business opportunities, adding that such business opportunities for Nigerians, are all-encompassing.

According to him, there are lots of activities around the marine and blue economy, apart from extraction, tourism, and others. “NACETEM strongly feels that those other activities will involve a lot more people, and we’ll be able to train more people on new things that you can do with the marine environment and get many benefits that will further drive national development. It will involve processing, protecting equipment, and training, and it will also involve capacity development,” Odusanya said.

In his goodwill message, Mr. Michael Ojo, who represented the Director General, Nigerian Institute of Transport Technology (NITT), commended NACETEM for organising the workshop to spur discussion on blue economy, which he said, would create job opportunities for Nigerians and eradicate poverty in the country.

“There are lots of resources in our ocean that government and stakeholders can explore to further drive innovation and economic development,” Ojo said.

National President, Chartered Institute of Transport Administration of Nigeria (CIOTA), Prince Segun Obayendo, who was represented by Mr. Kelvin Olise, in his goodwill message, said the institute would collaborate with NACETEM in areas where transport can be developed, especially in the case of marine transport in Nigeria.

The first keynote speaker, who is the Dean, School of Transport and Logistics, Lagos State University, Ojo, Prof. Charles Asenime, talked about the Red, Yellow, Purple, and Black economy, but focused more on the benefits of blue economy,   which according to him, is the sustainable use of ocean resources for economic growth and to improve livelihoods and jobs, while preserving the health of the ocean ecosystem.

In his paper titled: ‘Understanding The Blue Economy And Sustainability’, Asenime highlighted lots of opportunities in marine and blue economy, and urged the federal government to establish financing mechanism and incentives to encourage private sector investment in blue economy projects.

The second keynote speaker, who is a Fellow of the Chartered Institute of Logistics and Transport in Nigeria, Dr. Alban Igwe, presented a paper on ‘Innovation For Blue Economy Development in Nigeria’. 

According to him, the blue economy is emerging as high impact investment theme with significant disruption potential and new market creation. To develop the Blue Economy, Alban said government must develop the economic empowerment resilience of communities living around oceans, seas, lakes and rivers, and also build economic instruments to leverage environmental protection. He suggested a funding model of 40 per cent private investment, 30 per cent public investment and another 30 per cent professional investment in blue economy. He recommended community ownership and management, stakeholder funding model, and the establishment of Blue Banks to drive the development of blue economy in Nigeria.