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Blue Economy: Ideas, Sectors, and Opportunities

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?

Blue Economy
Blue Economy, (PHOTO: Source: NOAA FILES)

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.

Numerous industries and activities that depend on the ocean and its resources either directly or indirectly are included in the “blue economy.”

You should be aware that the blue economy has grown in significance as a result of the ocean’s and coastal regions’ significant potential to promote economic growth and job creation.

It highlights the necessity of utilizing the ocean’s economic potential while preserving the long-term wellness and sustainability of marine ecosystems.

Sectors

The traditional industries of fishing, aquaculture, shipping, and tourism as well as the emerging fields of renewable energy, biotechnology, seabed mining, and marine biotechnology make up the blue economy sectors, which are largely unknown to the public.

These industries support trade and economic growth while producing income, employment, and profits.

The foundation of the blue economy is sustainable development, which requires that operations be conducted in a way that preserves the health and resilience of marine ecosystems, reduces environmental impacts, and promotes the welfare of coastal communities.

What the Ministry Should Expect

The Ministry led by Bunmi Tunji should collaborate with organizations to research various tactics and programs to advance the blue economy. A few examples include; 1. Marine and coastal tourism: Minister Tunji should take the initiative to promote environmentally and socially responsible tourism practices.; 2. Innovation and research & development: It is important to emphasize the role that R&D plays in the blue economy. Consequently, funding for scientific research, technological advancement, and capacity building is necessary to support sustainable development and advance knowledge of marine ecosystems.; 3. Establishing marine protected areas, preserving important habitats, and promoting sustainable use of marine resources are all aspects of marine conservation and biodiversity protection.; 4. Sustainable water resources management: Putting policies in place to stop overfishing, safeguard threatened species, and encourage ethical fishing methods. 5. Renewables: Using tidal and wave energy, offshore wind farms, and other clean energy technologies to harness the power of the ocean. and 6. Integrated coastal zone maintenance: Using comprehensive strategies to manage coastal areas while striking a balance between economic growth, environmental protection, and social welfare.

Additional Chances

Blue Economy assets are thought to be worth $24 trillion in total. Many opportunities will be available for our teeming youth if Nigeria begins to tap into this economy today.

Individuals are informed that according to National Bureau of Statistics (NBS) data, Nigeria’s unemployment rate is currently 33.3% and its annual inflation rate is at 24.08%.

However, we can find comfort in the Commonwealth report, which states that 350 million jobs worldwide are directly related to the fishing industry. Implying that there will be jobs and investments there if Nigeria develops its fishery sub-sector.

Also included are issues relating to climate change. If managed properly, the blue economy is one sector that can assist in addressing issues related to this topic.

You now realize that this Ministry’s agencies will likely play a significant role in reviving Nigeria’s economy.

Stakeholders should therefore be involved in the process of developing policies, regulations, and initiatives to support sustainable development and guarantee the long-term viability of ocean resources.

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Written by Grace Ene

Author for Techrectory.

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