The concept of the “blue economy” emphasizes the suitable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of marine and coastal ecosystems. Recognising the untapped potential of its maritime resources, Nigeria stands to benefit greatly from the development of its blue economy.
NBESE attracts, sustains, connects, and advances stakehlders and key players in strengthening the growth of the marine economy. Our goal is to stimulate massive investment in the Nigeria marine industry for sustainable economic growth and development.
NBESE strives to enhance understanding of the potential benefits and challenges of developing Nigeria’s blue economy among stakeholders and the general public.
The concept of the “blue economy” emphasizes the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of marine and coastal ecosystems. Recognizing the untapped potential of its maritime resources, Nigeria stands to benefit greatly from the development of its blue economy.
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GCFR PRESIDENT, COMMANDER-IN-CHIEF OF THE ARMED FORCES FEDERAL REPUBLIC OF NIGERIA.
In line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu’s administration, the first ever Ministry of Marine and Blue Economy came into existence as a novel development in the annals of Nigeria’s socio-economic and political history when the President announced its creation in August, 2023. As a costal nation, Nigeria is endowed with vast marine resources that have the potential to contribute significantly to its economic development. Many economic observers see the blue economy as a new frontier for economic development and a means of diversifying the economy through the use of resources from oceans, seas, rivers and lakes for the well-being of the people.
By the creation of the Blue Economy Ministry, Nigeria has joined the league of countries which have committed to the Blue Economy concept. The concept of the “blue economy” emphasizes that the sustainable use of oceans resources for economic growth, improved livelihoods, and jobs while preserving the health of marine and coastal ecosystems. Recognising the untapped potential of its marine resources, Nigeria stands to benefit greatly from the development of its blue economy.
Hounourable Minister of Marine and Blue Economy
Extract from the keynote speech by the Hounourable Minister of Marine and Blue Economy, His Excellency, Alhaji Adegboyega Oyetola CON, at the Abuja Investment Summit and Expo November, 2023. (Anchored by TDF Consultants Ltd).
By way of historical facts, Nigeria makes up about 853 kilometres of the estimated 47,000 Kilometres of coastline in Africa. It also has one of the largest wetlands in the world, with its coastal and marine ecosystems covering a total of 70,000 square kilometres.
Globally, the Blue Economy, according to experts, is estimated to be worth more than $1.5 trillion annually, providing over 30 million jobs and supplying a vital source of protein to over 3 billion people.
These figures underscore the tremendous potential of the Marine and Blue Economy sector. and it is imperative that we seize this opportunity for the benefit of Nigeria’s economic growth.
In Nigeria, experts further noted that the untapped potential within the Marine and Blue Economy sector is estimated to be a staggering $296 billion. Recognising this immense epportunity, we are committed to driving forward with policies and initiatives that aimed to unlock this latent value. Our ambitious goal is to generate up to $20 billion annually and create about 2 million jobs on an annual basis through strategic development within this sector.
We aspire for the Marine and Blue Economy to become a substantial contributor to our nation’s economy, with a target to at least match the GDP contribution of the Oil and Gas Sector within the next four years.
