With Nigeria’s humongous debt, the country is looking at hugely raising its revenue profile not only to pay the debts but to also meet the daily demands of governance. And the President Bola Ahmed Tinubu administration knows that for it to deliver on its electoral promises, government revenue would play a critical role.
No wonder the president has taken a number of steps aimed at boosting the country’s revenue. One of such steps is the creation of the Ministry of Marine and Blue Economy.
And this is because Blue economy is said to have a huge importance to national development, especially for a maritime nation like Nigeria. Blue economy goes beyond shipping as well as oil and gas, to encompass all the activities that involve harnessing ocean resources including fishery, renewable energy, offshore power, support network and repairs.
And the Blue Ocean Economy is said to have a global asset base of over $24 trillion, generating at least $2.5 trillion each year from the combination of fishing and aquaculture, shipping, tourism, and other activities, which Nigeria is not tapping into adequately.
Similarly, according to a data from the Nigerian Maritime Administration and Safety Agency (NIMASA), it is estimated that Nigeria’s untapped blue economy potential is valued at $296 billion.
This shows that sustainable exploitation of resources and opportunities in the blue economy can lead to job creation, improved food security, tourism and infrastructure development, and green energy, among others. To many stakeholders, Blue economy has the key to take Nigeria out of the economy crisis it has found itself.
And the country’s first Minister of Marine and Blue Economy, Gboyega Oyetola, knows the importance of the sector to helping in resetting Nigeria’s economy and putting it back on track. This is why he is galvanising stakeholders within and outside Nigeria to positively drive the narrative in the country about the blue ocean economy and make the needed impact.
One of such stakeholders’ mobilisation was the meeting between the minister and a consortium led by world renowned blue ocean economy expert, Prof Gunter Pauli, who has been applauded for creating the philosophies around blue economy globally.
Speaking at the engagement, Oyetola said: “The association has actually confirmed the partial revelation of the blue economy by the ministries on the issue of sustainable use of ocean resources to improve livelihood and job creation.
“I’m particularly very happy with the team and I want to say that it is not by accident that this ministry was created. It was part of the economic diversification of our country, we believe so much in oil but we now realise that 70 per cent or so of the resources available actually come from the ocean and we have it in abundance here but neglect it for a long while.”
He disclosed that efforts have been stepped up to improve transportation infrastructure, including automation of port operations for efficiency and increase in revenue.
“I must commend the president for creating the ministry and I want to assure you that we are up to the task and I believe so much in the Private Public Partnership (PPP) arrangement, I believe the government has the possessive business, government should just provide enabling environment for the business to thrive.
“I have concept in dealing with most of these things and I have seen quite a lot of opportunities there, yes in times of development, they have issues with the port and transportation, but we are improving.”
The minister was emphatic about the automation of the country’s port when he said: “We are going to be talking about the automation of our ports for efficiency and increase in revenue. Again, we have fishing farming, maggot farming among others. People fish to feed their families and sometimes sell the excess but you can go beyond that by ensuring you have fishing throw line.
“Also, we have sufficient control of our ocean in terms of security and I want to tell you that in the past two years, there has been nothing like piracy in our ocean. So, the fear of any investors thinking that maybe their investment is not secured should be thoughts that should be do away with it now.
“We will be willing to look at all those points, all those areas where we can collaborate with investors. We are willing and ready and we will support all the initiatives that will bring all these things to reality.
“Again, I want to make sure that we will continue to make reference to you in this development and I want you to see yourself as part of this ministry. It has happened with some other countries and I believe it has worked well. So, at any point in time you can always call on me, while we work with your team here. Most of them are my friends and I’m glad that they are part of the team and they also believe so much in the renewed hope agenda of the president and ready to take it to the next level,” Oyetola stated.
The minister expressed happiness on the interest shown by Pauli in assisting Nigeria to tap its idle capacity from the oceans and the blue economy, while also promising to work with private investors in opening up the sector.
Commenting, Pauli was optimistic that Nigeria can defeat poverty through rapid wealth and job creation with a diligent execution of its blue economy programmes.
Pauli, who hailed President Tinubu for creating the ministry of marine and blue economy, said that the policy was overdue considering the abundant opportunities in Nigeria. He, however, warned that government must aggressively seek private sector investments for the new policy to bear fruits.
Pauli told the minister that in six months, his ministry can facilitate the creation of a hundred thousand jobs by exploiting opportunities provided by the blue economy.
He listed shipping, paper conversion from wastes and maggot farming for poultry and fishing as low hanging fruits the ministry should embrace to create jobs and wealth.
Pauli said his team was in Nigeria to partner with the ministry on commercial and technological innovations and job creation around the sector. He argued that his partnership with the ministry would attract foreign and local investments that would create a lot of opportunities for the Nigerian youths.
Pauli is reputed to be advisor to government of China, Japan, Singapore, Argentina, Morocco, Belgium, Sweden, United Arab Emirate, Seychelles, Italy, Spain and south Africa to mention a few.
Pauli said his working visit is part of efforts to secure high-level investment meetings for Nigeria government officials at COP 28.
He is also looking at partnering with stakeholders in Nigeria especially policymakers with the hope to create a strategic framework of action with the capacity for national industrialization, capitalizing on available resources and portfolio of opportunities across states in Nigeria.
Pauli is also optimistic of facilitating strategic innovation partnerships and billions of dollars in foreign direct investment for Nigeria’s marine and blue economy, military, intelligence, agriculture, education, science and innovations, environment, water resources sectors.
Present at the event was the Permanent Secretary, Federal Ministry of Transportation / Marine and Blue Economy, Dr. Magdalene Ajani, directors and heads of parastatals under the ministry, and other senior management staff.
