Bayelsa to tap $1.5trn global blue economy with new ministry

• Sector generates $300bn for Africa with 49m jobs – AU

• Ocean resources, next world’s big economic frontier – World Bank, UN, OECD

• Nigeria, with 850km coastline, yet to harness BE

Ben Eguzozie

Bayelsa, a Nigerian oil producing littoral state, is set to tap into the multi-trillion-dollar global blue economy, with the planned creation of a ministry of blue economy. The Nigerian sub-national aims to use the sector to hugely shore up its revenue profile.

The blue economy (BE) or the ocean economy is a term used to describe the economic activities associated with the ocean and seas. The World Bank defines the blue economy (BE) as the “sustainable use of ocean resources to benefit economies, livelihoods and ocean ecosystem health.” 

According to the Brookings Institution, blue economy consists of economic activities taking place below, on, or adjacent to the ocean, or aquatic systems more generally. These activities include subsistence and commercial fishing, as well as emerging sectors such as renewable energy and blue carbon.

Available data say the global blue economy is estimated to be worth over $1.5 trillion per year which provides over 30 million jobs and supplies vital sources of protein to over three billion people worldwide.

On a continental level, Africa reaps big from the blue economy. The African Union estimates that the blue economy currently generates nearly $300 billion for the continent, creating 49 million jobs in the process. 

Nigeria, with a coastline stretch of 850 km is yet to develop its blue economy potential. Some BE experts say the country can earn as much as N7 trillion new income annually from the BE. 

“Nigeria can generate energy from the blue economy, grow its tourism industry, boost its fishery industry, build shipyards, as well as coastal infrastructure. Nigeria must ensure that it develops its national blue economy assets to the level that the continent and the world can accept,” said one BE expert.

For instance, the country is not on the Ocean Panel, a global initiative by serving world leaders who are working to build momentum towards a sustainable ocean economy.

According to the Ocean Panel, “the oceans lead to greater prosperity. It is an engine of livelihoods, transport, commerce and energy production. A healthy ocean contributes $1.5 trillion to the global economy annually; and has an estimated asset value of $24 trillion.”

Over three billion people depend on ocean resources for their livelihood, and more than half of the oxygen we breathe come from the oceans. 

The World Bank, the United Nations and the Organisation for Economic Cooperation and Development (OECD) all share the same view about ocean resources as the next great economic frontier of the world.

Governor Douye Diri announced the plan to establish a new Ministry of Blue Economy to promote blue tourism activities within the state, which would also work to protect the state’s fragile ecosystems such as seagrass meadows and fish sanctuaries, which are home to diverse marine species.

Development economists believe that Bayelsa could well shoot up to become a credible Nigerian blue economy hub, with the state offering a wide range of opportunities for the development of blue tourism, which is the largest and still growing sector of the blue economy.

For example, at a length of 203 km, the state (Bayelsa) has the longest coastline among all the littoral states in Nigeria. Additionally, the state presents a rich tapestry of marine biodiversity and captivating coastal landscapes that could attract tourists from all over the world, if properly harnessed.

Also, the oil-rich state is renowned for its rich underwater cultural heritage, lakes, creeks, mangroves, historic coastal towns and vibrant marine life which could transform it to an emerging blue tourism hub for activities such as sailing, yachting, snorkelling, including exploring underwater archaeological sites.

The state is renowned for pristine beaches, thriving coral reefs, and rich marine life. Its extensive coastline depicts diverse marine ecosystems.

Piriye Kiyaramo, chairman, board of trustees, BRACED Commission tourism promotion and development initiative (BTPDI), says Bayelsa should not delay in coming out with its blue economy ministry. 

According to Kiyaramo, the tranquil waters and pristine natural environment in the state provide big opportunities for boating, kayaking, yachting and exploring coastal trails. 

“Bayelsa State’s lengthy Atlantic coastline offers unique blue tourism experiences where visitors can witness the breathtaking spectacle of whale and dolphin watching at sea. Additionally, these blue tourism activities will create unforgettable memories for visiting tourists, as well foster awareness on conservation of these majestic aquatic creatures,” he said.

He urged the state government under Governor Duye to do well to ensure coastal areas sustainability initiatives which will thereby reduce environmental impacts, protect sensitive aquatic habitats, and engage riverine communities in the preservation of their marine heritage through the new Ministry of Blue Economy.