Oyetola urges investors to tap potential in marine sector

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has called on the private sector and other investors to tap into the potential in the marine and blue economy sector.

Oyetola, who disclosed this in Abuja on Monday, October 14, at the Broad-Based National Stakeholders’ final Validation Workshop for the Draft National Blue Economy Strategy for Nigeria.

The minister also harped on the need for investor involvement, adding that there are numerous government-led initiatives aimed at promoting businesses in the Marine and Blue Economy sectors.

Oyetola highlighted that the sector has the potential to contribute to the country’s Gross Domestic Product, (GDP) and create jobs through the establishment of major small and medium-sized enterprises within the next decade.

The minister said: “I encourage the private sector and investors to seize the opportunities presented by numerous government-led programmes and initiatives aimed at promoting business in the Marine and Blue Economy sectors.

“If you check our performance so far, you will discover that we have been able to increase our revenue by exploring all the potentials in the sector. So, having a very good framework would further give stakeholders in the sector opportunities to harness the potentials in the sector.”

According to him, the establishment of the ministry signifies Nigeria’s firm commitment to sustainably harnessing its vast marine and aquatic resources.

“Our focus includes boosting blue food production, creating jobs, building climate-resilient coastal communities, and ensuring prosperity and security for future generations. Nigeria is blessed with a vast coastline and diverse marine resources, with significant potential in sectors such as fisheries, aquaculture, tourism, marine transport, maritime security, renewable energy, and mineral resources.

“Nigeria is embarking on an ambitious plan to upscale its blue economy through a diverse range of Initiatives. This initiative aims to contribute significantly to Nigeria’s GDP, by midwifing the establishment of quantum numbers of small and medium-sized enterprises within the next decade in the sector to create jobs.

“We are aligning with Blue Belt Initiative, which is the sustainable use of our ocean resources to drive economic growth and improve livelihoods while preserving ocean ecosystems,” the minister said.

Oyetola announced that the National Blue Economy Strategy to be developed represents Nigeria’s vision for a sustainable blue economy, adding that it would help shape actionable policies and frameworks for sustainable ocean and marine resource management.

He commended the African Union Inter-African Bureau for Animal Resources (AU-IBAR) and the Kingdom of Norway for their support toward the development of Nigeria’s National Blue Economy Strategy document.

The Representative of the African Union, Georges Mba Asseko, said Nigeria has the potential to be amongst the global key players in the marine and blue economy sector.

Asseko said Nigeria could be one of the leading countries globally in the marine and blue economy sector if it works with other relevant stakeholders in the sector rather than working in isolation.

The Representative of the African Union, said: “The African Union is leading a process to help countries to domesticate the African Blue Economy strategy into national policies. In Africa, we have aquatic resources that have not been exploited.

“When you look at the traditional sectors like fisheries, maritime transport, environment, and tourism, you would discover that Africa is nowhere globally. So, there is room to develop those sectors that we already think that we are in, but we are not playing the game properly.

“When you go to fisheries, where is Nigeria in the global arena of fisheries in the world? Nigeria should be leading because of its abundant resources. The major problem in Africa is that different sectors work in isolation. The fishery is working alone, and it does not think about the transport or environment sector. We need to break that idea and work together and certainly become the key players in the global arena.”