The socio-cultural group, Ohanaeze Youths, has highlighted the potential benefits of Nigeria engaging in the blue economy, a sector estimated to be worth over $1.5 trillion annually on a global scale. President Bola Ahmed Tinubu’s establishment of a Marine and Blue Economy Ministry has been commended by the group, and they express confidence in the selection of Hon. Olubunmi Tunji-Ojo as its minister.
The group emphasizes that the appointment of Tunji-Ojo holds promise for reversing the trend of revenue losses that Nigeria has been experiencing due to its underutilization of ocean resources. They assert that the concept of the blue economy entails capitalizing on marine resources through avenues like fisheries, aquaculture, tourism, transportation, and maritime and inland ports to enhance overall well-being.
Despite the potential for significant gains from the blue economy, Nigeria’s maritime sector has been losing substantial revenue due to a lack of effective exploitation of these resources. The group points out that Nigeria’s failure to tap into the vast marine-based economic potential has caused losses in trillions, impacting areas such as trade, employment, exports, and economic growth.
The group also underscores the broader impact of a thriving blue economy in reducing African poverty, enhancing food and energy security, and boosting employment opportunities and economic growth. They draw attention to the substantial loss incurred by Nigeria in terms of maritime insurance and freight elements, citing examples of trade imbalances between exports and imports.
Finally, the group commends President Tinubu for establishing the Marine and Blue Economy Ministry, a move they consider long overdue. They anticipate that this initiative will not only contribute to economic growth but also generate employment opportunities for the nation’s youth population.
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