Experts in the maritime sector have said Nigeria’s blue economy has the potential to revolutionise the economy, increasing its Gross Domestic Product (GDP) from $407 billion to $1.5 trillion.
  
Presenting their papers during a three-day conference in Port Harcourt, Rivers State, the President of the Admiralty Lawyers Society of Nigeria, Angus Chukwuka, and Chief Executive Officer (CEO) of Alfe Institution, Soji Adeleye, noted that the country’s maritime development is lopsided and bogged down by geopolitics.
  
They argued that Nigeria’s blue economy has the potential to transform the country’s economy but requires concerted efforts to address the challenges hindering its growth. 
  
According to Adeleye, Nigeria’s Exclusive Economic Zone (EEZ), which spans 200 miles into the Gulf of Guinea, is a treasure trove of untapped resources.  He noted that proper harnessing of this resource-rich zone could surpass the oil industry in revenue generation.
  
While pointing out that the Nigerian blue economy ecosystem encompasses various sectors, including shipping, fishing, oyster farming, and tourism, Adeleye emphasised that the blue economy has the potential to provide employment opportunities, stimulate economic growth, and reduce poverty.
  
He said: “The global fresh fish market size was valued at $228.3 billion in 2021 and is expected to expand at a compound yearly growth rate (CAGR) of 2.6% from 2022 to 2028. Similarly, the global oyster market was valued at $1.7 billion in 2021 and is expected to grow at a CAGR of 5.5% from 2021 to 2030.
  
“With proper management and legislation, Nigeria can tap into the vast resources of its EEZ and become a major player in the global blue economy.” However, despite its vast potential, Nigeria’s blue economy faces several challenges, including corruption, tribalism, and restrictive constitutional and legal provisions. 
  
On his part, Chukwuka emphasised that Nigeria might appear to be ready for the blue economy regime due to its enviable coastlines and waterways, robust legislations, and regulations to guarantee sustainable shipping, and a buoyant eco-friendly economy. He however noted that the country is currently paying lip service to revamping the eastern ports.