United States (U.S) Certified Maritime and Anti-Piracy Security Specialist, Captain Alfred Oniye, has said the blue economy concept requires more research, data, policy and investment to realise its full potential, as it is a key component of the 2030 agenda for Sustainable Development Goal (SDG).

Oniye, while explaining the concept of the blue economy to stakeholders, especially with the creation of the Ministry of Marine and Blue Economy, said it is the sustainable use and management of the ocean and its resources for economic and social benefits.

According to him, the blue economy includes various sectors and activities that depend on or affect the ocean, such as fisheries, aquaculture, tourism, transport, energy, biotechnology, and environmental protection.

Oniye, who is also the Secretary General, the Merchant Seafarers Association of Nigeria, said the blue economy aims to balance the conservation and restoration of the ocean with the development and growth of human well-being.

In his document, titled: “The Blue Economy,” Oniye, listed some of the benefits of including the provision of food security and nutrition for millions of people who rely on fish and other marine products as their main source of protein as well as generating income and employment for coastal communities and industries that depend on the ocean for their livelihoods.

Other benefits, according to him, are supporting innovation and research in fields such as biotechnology, renewable energy and climate change adaptation and mitigation, enhancing the resilience and health of the ocean ecosystems that provide essential services such as carbon sequestration, oxygen production, coastal protection and biodiversity.

Oniye said the blue economy could foster regional and international cooperation and governance for the peaceful and equitable use of ocean resources.
“The blue economy is a key component of life below water, which calls for the conservation and sustainable use of the oceans, seas and marine resources. The blue economy also contributes to other goals such as poverty eradication, zero hunger, clean energy, decent work, climate action and partnerships,” he said.

The maritime security specialist said the blue economy also has challenges and opportunities, such as the impacts of climate change, pollution, overfishing, habitat loss, invasive species and illegal activities on ocean health and productivity.

Oniye stressed the need for integrated and cross-sectoral approaches to manage the ocean resources in a holistic and coordinated manner as well as the potential for innovation and technology to enhance the efficiency, sustainability and diversity of the blue economy sectors and activities.

He also stressed the importance of stakeholder engagement; participation and empowerment to ensure the benefits of the blue economy are shared equitably among all groups and regions.

Oniye also stressed the role of international cooperation and governance to address the transboundary and global issues related to the ocean.