How Nigeria can tap into the global $24trn ocean economy

By establishing the Ministry of Marine and Blue Economy, aimed at harnessing the vast potentials of the country’s coastal and marine resources, Nigeria is on track to leverage opportunities in the sector.

The blue economy, which refers to the sustainable use of ocean and coastal resources for economic growth, integrates environmental, social, financial, and institutional objectives. It encompasses a wide range of sectors, including shipping, tourism, and offshore energy, collectively contributing to a global ocean economy valued at $24 trillion.

President, Ocean Ambassadors Foundation and Convener, Ehingbeti Maritime Hub, Violet qWilliams, said marine resources can create jobs and position Nigeria as a leader in sustainable marine activities,”

She pointed out that the blue economy could help Nigeria diversify its oil-dependent economy. “Norway serves as a successful example of how this can be achieved.”

Williams said these in an interview ahead of the 2nd Ehingbeti Blue Economy Project and the launch of her book, The Renaissance of Ehingbeti in the Lagos Blue Economy. The event, scheduled for September 6, 2024, will be chaired by chairman, Governor Advisory Council, Tajudeen Olusi; Governor, Lagos State, Babajide Sanwo-Olu and minister of Marine and Blue Economy, as the special guest of honour.

Nigeria’s coastline, stretching 420 nautical miles, covers an exclusive economic zone of 200 nautical miles.

The country’s maritime interests extend across the Gulf of Guinea, encompassing roughly 574,800 square nautical miles.

The rich marine ecosystems, including marine fisheries, reefs, seagrass, and mangroves, are estimated to be worth $6.9 trillion, while trade and transport contribute $5.2 trillion. Similarly, the coastline’s productivity and carbon absorption capacity are valued at $12.1 trillion.

Williams also stated the blue economy’s significance to Nigeria’s future through her connection to Ehingbeti, a historic coastal community in Lagos. “Ehingbeti served as the first harbour in Eko before Lagos State was established.

There’s an old saying, ‘Ti oju o ba ti Ehingbeti, oju o le ti Eko,’ which means that as long as there is water, wealth and job creation will thrive (in Lagos),” she recalled.

She stated that this historical bond with the ocean has driven Lagos’s prosperity and will continue to do so as the state harnesses its maritime potential.