$296b blue economy achievable, say experts

Nigeria can actualise the estimated $296 billion potential with the integration of modern technology and implementation of relevant legislations in the maritime sector, experts have said.

Experts advised the Federal Government to invest more in the maritime industry by training more seafarers, acquiring new technology and implementing the relevant laws in sector such as the Cabotage Law.

They spoke at the 2024 Maritime Academy of Nigeria (MAN), Oron lecture series with the theme: “Revamping the Maritime Industry in Nigeria for Global Competitiveness, Issues, Challenges and Prospects”.

Director School of Maritime Transport Studies in the academy, Dr. Gabriel Eto harped on the need for the Federal Government to invest more in acquiring modern technology to upgrade the maritime sector to world class standard.

Presenting his paper on the topic: ‘Technological Advancement in Nigeria’s Maritime Trade”, Dr. Eto urged the Federal Government to be more intentional to improving the nation’s Gross Domestic Product (GDP) from the maritime sector.

He said: “The volume of economic activities within the global Blue Economy is currently estimated at over $1.5 trillion annually and this is expected to double to $3 trillion yearly by 2030 in order to support over 3 to 4 billion people.

“Thus, with the Blue Economy potential estimated at $296 billion in Nigeria, the country needs strategic integration of modern technology into her maritime industry to address issues bordering on shipping development, maritime environmental concerns, safety and security in order to optimize maritime trade.

“The Federal Ministry of Marine and Blue Economy has posited that the Blue Economy in Nigeria has the capacity to (1) generate up to ₦6 trillion in annual revenue, (2) create over 200,000 jobs annually in the short term, and (3) has the potential to contribute up 16% to the nation’s GDP in the medium and long term.

“The projections by the Federal Ministry of Marine and Blue Economy concerning the huge potential of the Blue Economy sector are good omen for the industry”.

Dr Eto, however, urged the FG to implement a well-articulated policy, regulatory framework and blue print for driving the Blue Economy.

Captain Koni Duniya also delivered a lecture on the topic: “Addressing Human and Institutional Capacity Development in Nigeria’s Maritime Sector through Stakeholders Partnership”.

Emmanuel Maiguwa spoke on “Smart Ports: Transforming Nigerian Ports with Technology-Embracing Innovation for Efficiency and Growth”.

The resource persons had earlier praised the infrastructural accomplishments of the Academy under the Rector, Commodore Duja Emmanuel Effedua rtd.