…Sector needs bold investment to deliver $1tn economy ambition – Expert
Nigeria’s vast marine resources remain significantly underutilised despite growing recognition of the blue economy as a key driver of economic diversification, with industry stakeholders warning that inadequate funding, policy fragmentation and slow implementation of reforms are preventing the country from unlocking an estimated $296 billion in economic value.
Stretching across an 850-kilometre Atlantic coastline, more than 10,000 kilometres of navigable inland waterways and some of West Africa’s busiest seaports, Nigeria possesses one of the continent’s largest blue economy assets.
Beyond ports and shipping, the sector presents opportunities in fisheries and aquaculture, coastal and marine tourism, offshore renewable energy, shipbuilding and repairs, marine biotechnology, seabed mineral exploration, inland water transport, maritime logistics, ocean research and the emerging blue carbon market.
If fully harnessed, these industries could generate millions of jobs, increase non-oil exports, strengthen food security, attract billions of dollars
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