President Bola Tinubu has appointed Bunmi Tunji as the Minister of Marine and Blue Economy. Since the announcement, many Nigerians have taken to Google to search: What is Blue Economy?
In this piece, we will explore what Blue Economy means and expectations from the Ministry and the Minister in particular:
Blue Economy also referred to as Marine Economy, focuses in the sustainable development and utilization of ocean resources to promote economic growth, social well-being, and environmental stewardship.
The blue economy involves a wide range of economic sectors and activities that directly or indirectly depend on the ocean and its resources.
You should know that blue economy has become important today because of the significant potential of the ocean and coastal areas to contribute to economic prosperity and job creation.
It emphasizes the need to harness the economic opportunities offered by the ocean while ensuring the long-term health and sustainability of marine ecosystems.
Sectors
Many are not aware of the blue economy sectors that include traditional industries such as fisheries, aquaculture, shipping, and tourism, as well as emerging sectors like renewable energy, biotechnology, seabed mining, and marine biotechnology.
These sectors provide employment, generate revenue, and contribute to trade and economic growth.
The essence of the blue economy is rooted in sustainable development principles, which means that activities must be carried out in a way that maintains the health and resilience of marine ecosystems, minimizes environmental impacts, and supports the well-being of coastal communities.
Expectations from the Ministry
To promote the blue economy, the Ministry headed by Bunmi Tunji should work with organizations to explore the various strategies and initiatives, such as;
1. Coastal and marine tourism: Minister Tunji should lead the change towards developing sustainable tourism practices that minimize negative impacts on the environment and local communities.
2. Research & Development and innovation: The place of R&D in blue economy cannot be overemphasized. Thus, investing in scientific research, technological innovation, and capacity building to support sustainable development and enhance understanding of marine ecosystems.
3. Marine conservation and biodiversity protection: Establishing marine protected areas, conserving critical habitats, and promoting sustainable use of marine resources.
4. Sustainable fisheries management: Implementing measures to prevent overfishing, protect vulnerable species, and promote responsible fishing practices.
5. Renewable energy: Harnessing the power of the ocean through offshore wind farms, tidal and wave energy, and other forms of clean energy generation.
6. Integrated coastal zone management: Adopting comprehensive approaches to manage coastal areas, balancing economic development with conservation and community well-being.
More Opportunities
It is estimated that the total value of Blue Economy assets is $24 trillion. If Nigeria starts today to tap into this economy, there will be lots of opportunities for our teeming youth.
You are aware that the National Bureau of Statistics (NBS) current data shows unemployment rate in Nigeria is at 33.3% and annual inflation rate has reached 24.08%.
But we can take solace in the Commonwealth report that 350 million jobs globally, are linked to fishery alone. By implication, if Nigeria should harness its fishery sub-sector, there will be jobs and investments in that area.
And climate change related matters are there too. Marine Economy is one sector that can help to tackle issues related to this subject, if properly handled.
Now you understand that this Ministry and its agencies are expected to play critical role in revamping Nigeria’s economy.
Therefore, stakeholders should be involved the process of formulating policies, regulations, and initiatives to promote sustainable development and ensure the long-term viability of ocean resources.
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