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.

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    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.

    President of nigeria
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    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.’Blue Economy’ is a notion that has acquired popularity in the previous ten years, according to Mr. Jude Nwandu, an economist and managing director of Netolinks Consultancy Lagos.He based his argument on the fact that nations’ natural resources are running out and that they must diversify their economies in order to raise enough money to meet their citizens’ social demands.

    The need to protect the environment through the sustainable exploitation of marine resources for the benefit of future generations, according to Nwandu, is another key factor in the Blue Economy concept’s increasing importance.He also clarified that the Sustainable Development Goals (SDGs) are the foundation of the blue economy concept.”SDG 14 is one instance, which discusses underwater life. According to that specific SDG 14, population expansion exacerbates pollution, overfishing, coral bleaching, and the loss of coastal ecosystems.

    According to the economist, two-thirds of marine areas have been harmed by human activities, and sharks, rays, and reef corals are all in danger of going extinct.Olisa Agbakoba, a Senior Advocate of Nigeria, also predicted that the government could generate N7 trillion in revenue from the maritime industry while applauding President Tinubu for giving in to the nation’s maritime community’s long-awaited policy advocacy by establishing the Ministry of Marine and Blue Economy.

    This is a significant omission. Nigeria, a marine nation, must advance policy concerns in order to take advantage of the enormous economic prospects available.

    With the right guidance from the government, Agbakoba stated, “this sector will easily contribute at least N7 trillion to the public revenue.”

    The director-general of the Nigerian Maritime Administration and Safety Agency (NIMASA), Bashir Jamoh, also discussed the potential of the new ministry. He claimed that the establishment of this “long overdue ministry” will significantly advance the President’s plans and initiatives for the maritime and aquaculture sectors of the economy.Jamoh further advised Nigeria to seize the chances presented by the country’s maritime industry.

    The sustainable use of ocean resources for job creation, improved livelihoods, and economic progress is known as the “blue economy.”

    Maritime shipping, fishing and aquaculture, coastal tourism, renewable energy, water desalination, underwater telecommunications, seabed extractive industries and deep-sea mining, marine genetic resources, and biotechnology are all examples of “Blue Economy” operations.

    source Dailypost For more news updates visit Naijaecho

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