The federal government is positioning the country to join the $10.12 billion global marine/blue biotechnology value chain, with the Ministry of Marine and Blue Economy outlining a strategic framework to harness the opportunity.

Marine biotechnology, often dubbed blue biotechnology, draws from the immense biodiversity of the oceans to drive advancements in pharmaceuticals, cosmetics, agriculture and aquaculture.

In a policy document from the ministry, global projections estimate the blue biotechnology market would surge from $1.32 billion in 2023 to $10.12 billion by 2031, representing a constant annual growth rate (CAGR) of 7.8 per cent.

The document also cited the 2022 regional market data, where North America accounted for 43.1 per cent, Europe 23.3 per cent and Asia 7.1 per cent of the global market, while the remaining 26.5 per cent was shared among the Middle East, Africa, and Latin America.

According to the policy document presented by the Minister of Marine and Blue Economy, Adegboyega Oyetola, in Lagos, while specific figures for Nigeria’s blue biotechnology sector remain unavailable, the country’s vast Exclusive Economic Zone (EEZ) and rich marine biodiversity provide a fertile foundation for development in this emerging sector.

The Ministry, however, noted that the strategic blueprint includes a National Blue Biotechnology Strategy to define Nigeria’s approach to harnessing marine genetic resources.

The policy document stated that the strategy will outline priorities in market opportunities, Research and Development investment, environmental sustainability, and skills development.

The document noted that the framework aims to align with global protocols such as the Convention on Biological Diversity (CBD) and the Nagoya Protocol.

However, the policy document highlighted key challenges to include underdeveloped R&D infrastructure, lack of public awareness, inadequate funding, and threats to marine ecosystems from pollution, climate change, and illegal exploitation.

The Ministry said it will collaborate with the National Biosafety Management Agency (NBMA) and the National Agency for Biotechnology Research and Development (NABRD), to formulate regulations to govern blue biotechnology and ensure biosafety and sustainability.

The ministry further listed strategic initiatives to include the establishment of blue biotechnology incubation centres, promotion of technology transfer from leading nations such as Norway, Japan, and the United States, as well as the inclusion of biotech modules in undergraduate bioscience programmes to equip young Nigerians with future-ready skills.