Blue economy annual worth is over $1.5trn globally — Marine minister

Minister of Marine and Blue Economy, Mr Adegboyega Oyetola on Monday stated that the blue economy is worth about $1.5 trillion globally per annum.

Speaking while resuming office in Abuja, the minister noted that the newly created ministry will be rooted in the responsible management and utilization of marine resources to benefit Nigeria’s economy. 

The former Governor of Osun said “Our oceans cover more than two-thirds of our planet’s surface, holding the key to sustainable economic growth, environmental preservation, and technological innovation.

“As we look ahead, my vision is rooted in the responsible management and utilization of our marine resources to benefit not only our economy but also the health of our planet. 

“Experts say the Blue Economy is estimated to be worth more than 1.5 trillion Dollars per year globally. Therefore, given our size as a country and considering the size of our blue economy, we should be a significant player in this sector, to contribute immensely to the revenue generation of our country and also provide jobs for the unemployed”.

“We must come up with practicable ways of ensuring that our inland rivers, lakes, and waterways are well utilized, both in terms of cargo shipment and passenger transportation.

“This can be done by embarking on a holistic dredging campaign for most of our strategically important inland waterways to make them navigable for the passage of goods and people.

“We equally have to promote better inter-agency cooperation and coordination between the Nigerian Maritime Administration and Safety Agency, the Nigerian Ports Authority, and the Nigerian Inland Waterways Authority.

“As someone with a strong private sector background, we shall promote greater private sector inclusion while fostering greater efficiency through specialization and the effective delineation of core duties between the units”.

Oyetola added; “We must seize this opportunity to create positive change, leaving a lasting legacy for generations to come.

“I believe that when we can do all these and more, we would have contributed our quota towards realizing Mr President’s renewed Hope Agenda in the Marine and Blue Economy sector”.