Nigeria’s-blue-economy-prospects, -opportunities-and-challenges

Nigeria's Blue Economy prospects, opportunities and challenges 

Dave Ikiedei Asei

12/12/2023

Introduction 

Over the past years, the phrase ‘blue economy’ has gained popularity as more people, governments and economists have come to understand the enormous possibilities that the ocean and its resources present. The concept, blue economy, can be traced to Gunter Pauli’s 2010 publication and its currency gaining status at the 2012 United Nations Conference on Sustainable Development in Rio de Janeiro, Brazil.

Various definitions of the blue economy are in use. Sustainable use of ocean resources for economic growth, improved livelihoods and jobs while preserving the health of the ocean ecosystem is the World Bank’s definition of the blue economy. The UN defines blue economy as a range of economic activities related to oceans, seas and coastal areas and whether these activities are sustainable and socially equitable. According to the United Nations Economic Commission for Africa (2016), blue economy is a green economy in a blue world that adopts a novel strategy for economically utilising the resources of oceans, lakes, rivers and other bodies of water.

The blue economy concept aims to market economic processes and social inclusion, hence the preservation or enhancement of livelihoods while also protecting the seas and coastal areas environmental properties. The concept is therefore a cohesive and deliberate sustainable development plan that strives to integrate the ocean into all levels of an economy. Even as the oceans are exploited for economic gains, its sustainability is always emphasised.

Fishing, coastal leisure and tourism, shipbuilding, seawater desalination, offshore oil and gas and shipping are some of the economic activities in the traditional sector. But more recently, new industries have emerged in deep sea mining, biotechnology, aquaculture, seabed extraction, offshore renewable energy and blue carbon sequestration. 7.8M1.1K

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The blue economy has tremendous economic promise and capability. The Organisation for Economic Cooperation and Development has estimated that oceans contribute $1.5tn to the global economy annually and has an estimated asset value of $24tn. More so, the livelihood of nearly three billion people depends on ocean resources. According to estimates from the African Union, the blue economy currently brings in $300bn for the continent and supports 49 million jobs.

Blue economy reforms in Africa

Reforming the political, social and economic governance practices in Africa is a must for the continent’s leaders now. The success of such reforms will centre on the stability of African societies. High population growth rate, coupled with unemployment and extreme poverty is a threat to the status quo. The foresight and vision to make the difficult but necessary choices for change will usher in prosperity, social inclusion and cohesion. As noted by Braimah (2023), African countries such as Nigeria, Madagascar, Kenya, South Africa and Somalia have potential blue economies. In McAlpine’s list of 10 countries incorporating the blue economy into their development strategies, 30 per cent are in Africa. Kenya, Tunisia and Gambia have already taken decisive actions to take advantage of the potential of the blue economy.

Potentials and opportunities for Nigeria

Of the estimated 47,000 kilometers of coastline in Africa, Nigeria makes up about 853km. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of 290 square kilometers or almost one-third of the nation’s land area of 924 square kilometres (Braimah, 2023). Beyond its strategic significance, 80 per cent of Nigeria’s coastline is made up of the oil and biodiversity-rich Niger Delta. Nigeria has one of the largest wetlands in the world with its coastal and marine ecosystems covering a total of 70,000 square kilometers. These ecosystems are abundant in fish, forests, aquatic plants, coral reefs and aquatic birds, among other types of flora and fauna. A number of significant rivers, including the Niger, Benue, Gongola and Sokoto, run through the country, which is bordered by the Atlantic Ocean to the south and Lake Chad to the North-East (Odhiambo and Metcho, 2018).

Nigeria’s economy is categorised as a mixed economy of which the maritime industry is a major sector, considering the country’s status as a major oil producing and exporting country in the world. Given its blue economy potential, the Africa Blue Economy Alliance, using data from the Nigerian Maritime Administration and Safety Agency projects the value of Nigeria’s untapped blue economy potential at a stunning $296bn. Both traditional and emerging industries/sectors of the blue economy can lead to job creation, improved food security, tourism and infrastructure development, green energy, smart cities and ports among others when properly harnessed through enabling policy frameworks.

Employment: 

As noted earlier, the blue economy generates employment possibilities in a variety of industries and contributes more than $1.5tn to the global economy. Elisha (2019) opines that with over half of the population under the age of 20, Nigeria is rife with human capital that, when taught and included, may change the nation to sustainably reap the benefits of the blue economy through the production of jobs and riches. Moreover, in the world’s fisheries industry, women make up 50 per cent of the workforce. If given access to modern technology, affordable funding, and market access, Nigerian women may be able to create a multibillion dollar blue economy that would help to eradicate poverty.

Food security: The Sustainable Development Goal Two of the UN aims to end all types of hunger worldwide by 2030 as well as achieve food and organic process security. Sustainable fishing practices as well as mariculture are ideally positioned to make a significant impact on the achievement of this goal. The country can contribute to and share in the attainment of these goals by exchanging modern ideas, inventions, and technology as well as establishing partnerships to attract funding and raise agricultural and fishing output.

Tourism and infrastructure: 

Cities and towns that are lake or coastal facing continue to draw a sizable population and have developed various forms of infrastructure. To keep up with such expansion, substantial investments in infrastructure and employment development will be required.

Sustainable energy: 

The blue economy is being leveraged to create reasonable, sustainable and reliable energy as well as meet mineral resource demands through insights into renew