Blue Economy: Nigeria will witness vast economic growth by 2030 – NPA chairman

Sen. Dayo Adeyeye, Board Chairman, Nigerian Ports Authority (NPA), says Nigeria will witness a vast and viable economic growth in the next five years through the Blue Economy.

Adeyeye stated this on Tuesday while speaking as guest lecturer at a public lecture organised by the Centre for Blue Economy and Innovation, Olusegun Agagu University of Science and Technology (OAUSTECH), Okitipupa, Ondo State.

The lecture was titled: “Imperative of Blue Economy In Driving Nigeria’s Economic Development.”

Adeyeye, a former Senator representing Ekiti South, said that Blue Economy was a wealth generating activities relating to the ocean, seas, coastal environment and inland waters.

He added that the concept of Blue Economy was an outcome of the Rio+20 Conference by the United Nations Convention on Sustainable Development (UNCSD) in 2012 which focused on life below water.

Adeyeye also said that the Nigerian Maritime Administration and Safety Agency (NIMASA) report in a recent study revealed that there was $296 billion untapped wealth for Nigeria alone from the Blue Economy.

According to him, prospects for Blue Economy are economic diversification, job creation and poverty reduction, food security, regional trade competitiveness and environmental sustainability.

“Strategies for unlocking the Blue Economy are food security, policy and institutional reforms, professional diversification, technology adoption, jobs and employment, tourism and international cooperation among others,” he said.

Adeyeye identified some challenges confronting the Blue Economy to include poor vision, insecurity, environmental degradation, corruption, inadequate educational framework, week maritime governance, inadequate infrastructure and poor data on maritime resources.

“All these challenges are been faced headlong and if the Blue Economy policies can be sustained, in the next five years, Nigeria will witness vast and viable economic growth and development,” Adeyeye said.

Similarly, Dr Olaide Adelami, Ondo State Deputy Governor, lauded President Bola Tinubu for creating the Ministry of Blue Economy, saying it was a great way of diversifying the Nigeria’s economy.

Adelami, who was represented by Mr Adekola Falohun, his Deputy Chief of Staff, urged Nigerians to rally support for Tinubu for more dividends of democracy to be achieved.

“Tinubu created the Ministry of Blue Economy in order to diversify Nigeria’s economy for more dividends of democracy to the people, let’s support his agenda for Nigeria’s economy to thrive,” Adelami said.

Speaking, Prof. Funmilola Agbebi, Director, OAUSTECH’s Centre for Blue Economy, said that the Blue Economy was more than a concept.

Agbebi noted that it was a call for action to recognise the immense potential of the oceans, seas, rivers, lakes, not just as resources of livelihood and trade but ecosystems that must be safeguarded for generations to come.

She also said that the lecture delivered by Adeyeye provided a platform to reflect on how to balance economic growth, social inclusion, and environmental sustainability in the management of blue economy.

Earlier, Prof. Temi Ologunorisa, Vice-Chancellor, OAUSTECH, noted that the resources of the land would soon finish.

Ologunorisa added that 97 percent of the world resources was lying in the ocean, causing a paradigm shift from land to the ocean for more resources to grow the world’s economy.

“Tinubu’s agenda is Blue Economy and Marine exploitations.

“Our university have also keyed into that agenda, through the establishment of School of Maritime Studies and Logistics, and the lecture today is enhancing the educational and industrial relationship and interfacing in the Blue Economy.

“I urged the state government to domesticate Tinubu’s agenda on Maritime and Blue Economy by creating a ministry to oversee it,” Ologunorisa’ said.

Representatives of NIMASA, Nigerian Navy, Army, Police, Department of State Services, Nigeria Security and Civil Defence Corps, National Inland Waterways Authority, Tantitta Security Services, Federal Road Safety Corps, lecturers and students graced the occasion.

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