Nigeria will gain more from harnessing potentials of blue economy—analysts

Analysts have applauded the President Bola Tinubu blue economy innovation, saying the amount of money from the sector will be mind-boggling if numerous leakages are blocked and all the ports in the country are fully utilized.

According to the analysts, if a small country like England could have as much as 120 ports compared to Nigeria’s six, it only went further to say, developing the blue economy to its full capacity will be more than a gold mine.

Currently, the Nigeria Port Authority (NPA) says Nigeria has six ports. But the grouse of analysts is that, like the number of refineries we have in the country, some of them are hardly functioning, while almost none are functioning up to full capacity.

It would be recalled that in August, President Bola Tinubu created the new ministry of Marine and Blue Economy, and appointed former governor of Osun state, Chief Gboyega Oyetola, a decision that has received commendation from critical stakeholders.

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According to analysts, the creation of the ministry signalled the government’s preparedness “to unlock huge potential revenues and many thousands of jobs for hard working Nigerians.”

They argued that while oil is a key revenue source for the country, it has led to major environmental problems. Harnessing the blue economy could be a game changer for Nigeria.

An economist and Senior Planning Officer at the National Space Research and Development Agency, Mr. Micheal Ojeikpo, said as the largest economy in Africa, opening the other ports to full capacity will enhance massive job creation.

“We all know the state of the ports in Lagos, how congested they are, and the delay in transactions because of the dependence on the ports there. If other ports are open and functioning, trade will be diverted to them, enhancing fast clearance of goods, more jobs and revenue to the government,” he concluded.

Head of Operation at Eazee Cargo and Haulage Company Ltd, Apapa, Lagos, Segun Ayeni, said there are new opportunities for Nigeria to gain if it harnesses potentials of Nigeria’s maritime industry.

“This ministry will support the diversification of the economy harnessing sustainable use of ocean resources for economic growth and improved livelihoods for Nigerians,” he added.

The new ministry encompasses various economic sectors, including fisheries, aquaculture, tourism, marine renewable energy, maritime transportation, and coastal infrastructure development, among others.

According to Gbenga Oguntola, an Oceanography expert, there is an immense potential for Nigeria just waiting to be tapped.

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He said Nigeria’s water ways and economic coastlines are potential revenue baseline for the country if adequate investments are deployed with enabling regulations.

“Look at the haulage subsector in the maritime industry as well as terminal facilities and waterways, these are areas that will generate revenue for the country if requisite investments are deployed and monitored.

“With the Ministry, the issue of duplications and wastages of opportunities will be totally eliminated as it will serve as a one-stop ministry for all maritime and maritime-related departments and agencies in Nigeria.

He said that the inconsistencies in policies by past administrations have over the year’s scared stakeholders away from the sector, but hoped that with a ministry of its own under Tinubu’s administration, Nigeria will begin to reap bountifully from its marine and blue economy.

Head of Business at Govicon Freight International Nigeria Ltd, Olukolade Akinola said Nigeria has over the years ignored the potentials of the blue economy, lumping its departments with the agencies in Transport or other Ministries before now.

According to him, only South Africa, Madagascar, Kenya and Somalia have the same blue economy potentials like Nigeria.