Exploring marine and blue economy for Nigeria’s growth

The marine and blue economy means the sustainable use of ocean resources and opportunities around oceans for economic growth, improved livelihoods, and jobs creation while preserving marine health and coastal ecosystems. It encompasses various economic sectors, including fisheries, aquaculture, tourism, marine renewable energy, maritime transportation, maritime security and coastal infrastructure development, among others. Marine and blue economy recognizes the importance of oceans and their resources to the global economy and society. According to the Organisation for Economic Co-operation and Development (OECD), the ocean economy contributed $1.5 trillion to the global economy in 2010 and is projected to double by 2030.

However, unsustainable practices and over exploitation of ocean resources can lead to environmental degradation and negatively impact the long-term sustainability of the ocean economy. While countries like Norway, United States of America, Ireland, United Kingdom, Canada, Seychelles, Morocco, Mauritania, etc are maximising the use of the marine and blue economy, most African countries are not. The blue economy seeks to promote economic development while also ensuring the long-term sustainability of ocean resources and the health of marine ecosystems. This is being achieved through sustainable management practices, such as fisheries and aquaculture management plans, marine protected areas, and renewable energy projects.

Additionally, marine and blue economy recognizes the importance of addressing climate change, reducing marine pollution, and enhancing ocean resilience to protect marine ecosystems and ensure their sustainability. Several organisations and initiatives promote the global blue economy, including the World Ocean Council (WOC), the United Nations Sustainable Development Goal Number 14 on “Life Below Water”, and the European Union’s Blue Growth Strategy. These initiatives aim to promote the sustainable use of ocean resources for economic growth while protecting the environment and ensuring social equity. According to the World Bank, the blue economy is the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of the ocean ecosystem.” The European Commission defines it as “All economic activities related to oceans, seas and coasts.”

There are many businesses ahead for the Federal Ministry of Marine and Blue economy. It is also hoped that all states which border ocean will domesticate this federal ministry. On the commemoration of World Water Day 2022, UNICEF raised concerns about Nigeria, where an estimated 70 percent of water at the point of consumption is contaminated. The U.N. agency said the contamination is why Nigeria has the world’s highest number of deaths from waterborne diseases among children under five years old. In 2020 and 2021, Nigeria’s National Oil Spill Detection and Response Agency (NOSDRA) recorded 822 combined oil spills, totalling 28,003 barrels of oil spewed into the environment. Those who depend on farming and fishing in the South-South region have felt the direct impact on their livelihoods and residents have reported myriad health and economic issues.

Nigeria’s annual fish demand was 3.6 million metric tonnes, but only 1.2MMT was produced domestically in 2022. The varieties of fishes imported in Nigeria include mackerel (locally called titus, oku eko or alaran), herrings (locally called shawa), horse mackerel (locally called kote), blue whiting (locally called panla), Argentina silus (locally called ojuyobo), and the popular croakers fish. Nigeria imports about 2.4 million metric tonnes of frozen fish annually and this is taking a toll on the country’s foreign exchange reserves. With the establishment of a marine and blue economy ministry in Nigeria, the $60 million being spent annually on the importation of fish into the country will reduce. It is also not healthy to consume imported frozen fish which, in some cases, have spent close to three years in freezers.

Nigeria is blessed with a large resource base of waterways spanning 10,000 kilometres; about 3,800 kilometres is navigable seasonally. Regrettably, our ocean ways are not well developed for transportation of people and goods. The Nigerian Inland Waterways Authority (NIWA) has not fully developed our blue infrastructure in Nigeria as a transport means. Travelling from Lagos to Ogun Waterside, Ondo Waterside, Bayelsa, Rivers, Cross River and Akwa Ibom State will be interesting. It will also be good to see regular ferries going to other African countries like Ghana from CMS and Badagry, to Angola, Gabon and Sao Tome and Principe. If we have barges on water that can harvest large quantities of fishes, our fish importation will reduce.

According to record, the global shipbuilding industry is worth $167 billion in 2022 and it will grow at a compounded annual growth rate (CAGR) of 5.45 percent between 2022 and 2028 to be worth an estimated $229 billion by the end of the forecast period. Ship building, ferry and speedboat construction are good means of creating jobs and earning revenues by countries like China, Japan, South Korea, India, Russia, Germany, Norway etc. As at 2023, HD Hyundai Heavy Industries, the largest shipbuilding industry in the world employed 12,800 workers. The by-workers who are not direct employees of the industry but who set up their businesses near the industry and earn living either as suppliers or distributors of this company can best be imagined.

As of the end of 2022, global marine energy capacity amounted to 524 megawatts. From that, 256 megawatts were reported in South Korea and 211 megawatts were in France. The Netherlands and Russia had a marine energy capacity of two megawatts each. Our wave, tidal and ocean thermal technology need to be exploited to generate renewable energy. If Nigeria can develop her marine energy, electricity production in the country will be boosted. The establishment of the Marine and Blue Economy ministry in Nigeria is a good omen and it is hoped that it will bring the necessary development in the economy of Nigeria.