Nigeria Aims to Harness $1.5trn Global Blue Economy Potential

Experts in the marine sector have praised President Bola Ahmed Tinubu for establishing an independent Ministry of Marine and Blue Economy in Nigeria. They believe that this new ministry will allow Nigeria to tap into the $1.5 trillion global prospects of the blue economy and benefit from its ocean resources. The experts also commend the decision to separate the blue economy from the Ministry of Transportation, as it will allow the maritime industry to stand on its own.

The experts highlight the economic impact of poor handling of ocean resources in Nigeria, such as the loss of 80% of the fishing industry capacity to neighboring countries in 2019. They believe that the new ministry will help address issues like maritime security concerns, low policing of inland waters, and constant pollution of waters. By leveraging the blue economy, Nigeria has the potential to create jobs for millions of young Nigerians.

Overall, the creation of the Ministry of Marine and Blue Economy is seen as a positive development that will enable Nigeria to harness the economic potential of its ocean resources and contribute to the global blue economy.

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