Economic experts have hailed the discretion of President Bola Tinubu to establish the Ministry of Marine and Blue Economy in what is an resounding demonstration of his commitment to tapping into Nigeria’s vast oceanic resources for economic growth.
With this strategic decision, the President yet again showed a keen understanding of modern economies and the potential of the blue economy sector.
The significance of this development is not lost on industry observers. The creation of a dedicated ministry highlights the importance of coordinating efforts and maximizing the potential of the blue economy. Historically, Nigeria has underutilized its expansive maritime resources beyond shipping activities, leaving the sector largely unregulated.
However, agencies such as NIMASA, NPA, and the Shippers Council have made strides in developing this sector.
The establishment of the Ministry of Blue Economy is expected to bring about a new era of coordination and expansion within the sector.
By focusing on the blue economy, which encompasses various marine-related activities, Nigeria can leverage its oceans for revenue generation and economic development.