Blue economy to generate $20bn annually, creates 2m jobs – Oyetola

The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has said that the ministry is pursuing its goal of generating 20 billion dollars annually.

Oyetola also said that his ministry was working toward creating two million jobs on a yearly basis through strategic development within the sector.

A statement by the Media Aide to the Minister, Ismail Omipidan on Tuesday in Abuja, quoted the minister as saying this at the 2023 Abuja Investment Summit and Expo.

The minister said that his plan was to transform the Marine and Blue Economy sector into a significant contributor to the nation’s economy.

He said this was also aimed to match the Gross Domestic Product contribution of the Oil and Gas sector within the next four years.

Represented by his Technical Aide, Prof. Busayo Fakinlede, Oyetola also unveiled the ministry’s strategic plans to redefine the marine and blue economy sector for sustainable national socioeconomic growth and development.

The minister also said that efforts were in top gear to further implement a comprehensive plan that includes the expansion and optimisation of ports, infrastructure refurbishment, the development of deep-sea ports, amongst others

“In Nigeria, experts further noted that the untapped potential within the Marine and Blue Economy sector is estimated to be a staggering $296 billion.

“Recognising this immense opportunity, we are committed to driving forward with policies and initiatives that aimed to unlock this latent value.

“Our ambitious goal is to generate up to $20 billion annually and create about 2 million jobs on an annual basis through strategic development within this sector.

“We aspire for the Marine and Blue Economy to become a substantial contributor to our nation’s economy, with a target to at least match the GDP contribution of the Oil and Gas Sector within the next four years”, Oyetola said.

According to the minister, our commitment to the development of inland waterways is unwavering.

“We aim to link all regions of the country through our inland waterways by exploring PPP arrangements that would facilitate the attraction of Foreign Direct Investment (FDI) to the inland waterways,” he said.

Oyetola also said that government was also considering the re-establishment of a National Shipping Line, through a strategic PPP arrangement.

The minister said that the move was aimed at capturing a substantial share of the estimated $10 billion annual ship charter market within the country.