Nigeria to tap into £1.5trn revenue as experts hail Tinubu’s Blue Economy Ministry

Experts in the Marine sector have hailed President Bola Ahmed Tinubu for finally creating a ministry to be known as Marine and Blue Economy.

Tinubu had on Wednesday assigned portfolios to minister designates, with Olubunmi Tunji-Ojo announced as the Minister of Marine and Blue Economy.

Reacting to the development, the blue wealth experts in a statement signed by Lady Nduka Edede 

said the ministry would ensure that the country benefits from the ocean resources.

They noted that the maritime industry, which the blue economy belong to, needed to stand on its own, hence while it’s also laudable that the President separated it from ministry of transportation.

With this new Ministry, the experts expressed optimism that the nation will benefit from the Blue Economy estimated to be worth more than $1.5 trillion per year globally, and create jobs for millions of our teeming youths.

They said: “The decision by President Bola Ahmed Tinubu to finally create a ministry to be known as Marine and Blue Economy is a welcome development. In Nigeria, the economic impact of poor handling of ocean resources has been most significant. For instance, in 2019, the country lost about 80 per cent of her fishing industry capacity to neighbouring countries in the Gulf of Guinea region following the persistent threat of maritime security concerns, low policing of inland waters and constant pollution of waters. With this new Ministry, Nigeria will benefit from $1.5 trillion world Blue Economy and create jobs for millions of our teeming youths.”