The Minister of Marine and Blue Economy, Adegboyega Oyetola stated recently that Nigeria’s marine and blue economy is being strategically repositioned to serve as the nation’s leading revenue earner, replacing oil. He said this at an event organized by the Institute of Maritime Studies, University of Lagos (UNILAG), with the Secretary-General of the International Maritime Organization (IMO), Arsenio Domínguez in attendance.
The minister stated that the Federal Government is committed to unlocking these opportunities through investments in infrastructure, manpower development and international partnerships. He declared:
“Nigeria’s future lies beyond oil. The marine and blue economy is a goldmine that can drive sustainable growth, create millions of jobs and position our nation as a global maritime hub. We are determined to harness its full potential to become the primary driver of our economy.”
Not an unreasonable declaration given that an article in the guardian last year stated that by investing in the blue economy Nigeria could quadruple its GDP, growing it from $407 billion to $1.5 trillion.
He urged Nigerian youths to take advantage of the career and investment prospects within the sector as skilled manpower will be required to unleash the blue economy’s vast potential. He ended by reaffirming that the Federal Government’s agenda for the marine and blue economy is anchored on sustainability, innovation and inclusivity, stressing that youth engagement and capacity building are central to its success.
Background
The Blue economy refers to the sustainable use of ocean and coastal resources for economic growth, improved livelihoods, and ecosystem health. It includes not only traditional marine industries like fishing and shipping but also emerging sectors such as marine biotechnology, renewable ocean energy, and blue carbon initiatives. Blue carbon refers to the carbon captured and stored by coastal and marine ecosystems, such as mangroves, seagrasses, salt marshes, algae and coral reefs. These ecosystems absorb carbon dioxide (CO₂) from the atmosphere and store it in plant biomass and sediment, often for centuries or millennia—making them powerful natural allies in the fight against climate change.
The term “Blue Economy” first gained prominence during the Rio+20 United Nations Conference on Sustainable Development in June 2012 in Rio de Janeiro. While the conference focused on the Green Economy, coastal and island nations—especially Small Island Developing States (SIDS)—advocated for a distinct framework that addressed their unique relationship with the ocean. This led to an expansion of the Green Economy concept to include ocean-based development and a shift in global dialogue toward marine-centered sustainability. The table below highlights the notable events that have marked the development of the global blue economy.
Estimates in 2024 put the size of the global blue economy at $2.85 trillion. This is expected to grow to $5.29 trillion in 2034. Some estimates place current annual output around $1.5 trillion, supporting 30+ million jobs worldwide. For Nigeria, with the potential to quadruple its GDP through massive investments in the blue economy, possible strategic opportunities include the following:
- Shipping & Ports: Building 10 new deep-sea ports could add $150–$200 billion to GDP
- Integrated Transport Corridors: Linking ports to inland markets could add $180 billion
- Special Economic Zones: Industrial clusters near ports could contribute $350 billion
- Offshore Energy & Marine Resources: Wind farms, aquaculture, and marine biotech could add $250 billion
- Tourism & Ecotourism: Nigeria’s 850 km coastline is underutilized for recreation and biodiversity-based tourism
The factors enabling these opportunities include the fact that Nigeria’s Exclusive Economic Zone (EEZ) spans 200 nautical miles into the Gulf of Guinea and is rich in untapped resources. They also include the fact that the Marine and Blue Economy Policy, alluded to by the minister earlier, aims to diversify beyond oil and unlock ocean-based growth.
On a final note, it is worth pointing out that the blue economy seeks to balance economic opportunity, social equity, and ecological integrity. It continues to evolve through international cooperation, financial innovation, and grassroots advocacy.
Bibliography
- Nwaoku, Obinna 28 Nov 2024 ‘Blue Economy: Nigeria’s GDP could quadruple to $1.5tr, say experts’ guardian.ng:
https://guardian.ng/business-services/blue-economy-nigerias-gdp-could-quadruple-to-1-5tr-say-experts
