Harnessing the Blue Economy: A Call for Innovation in Nigeria
On a recent Monday, experts gathered in Lagos for a pivotal National Workshop organized by the National Centre for Technology Management (NACETEM) to explore the immense potential of the blue economy for sustainable development in Nigeria. The blue economy, defined as the sustainable use of ocean resources to foster economic growth, job creation, and the health of marine ecosystems, presents a wealth of opportunities that remain largely untapped in the country.
The Economic Potential of the Blue Economy
Dr. Alban Igwe, the Chief Executive Officer of Etcetera Consult Ltd., emphasized the staggering economic value of the global ocean economy, estimated at approximately $15 trillion annually. This figure positions the ocean economy as the seventh largest in the world, with around 350 million jobs worldwide linked to fisheries alone. Igwe’s insights highlight the critical need for Nigeria to leverage its maritime resources effectively.
In his presentation titled “Innovation in Blue Economy Development in Nigeria,” Igwe underscored the importance of maritime education and research as foundational elements for a thriving blue economy. He likened NACETEM to an oil well, suggesting that without proper exploitation of its resources and expertise, the potential benefits would remain dormant, much like oil waiting to be extracted from the sea.
The Role of NACETEM in Economic Growth
Igwe’s remarks resonated with the overarching theme of innovation as a necessity for survival in both academic and business realms. He stated, “When the wind of change blows, some people build walls and others build windmills.” This metaphor serves as a reminder that adaptability and innovation are crucial for NACETEM to explore the opportunities presented by the blue economy, ultimately contributing to Nigeria’s economic growth.
Addressing Youth Unrest and Skill Development
Prof. Charles Asenime from the School of Transport at Lagos State University echoed Igwe’s sentiments, asserting that the blue economy could serve as a catalyst for economic development. He pointed out that with increased government attention to the primary and secondary components of the blue economy, Nigeria could potentially lift itself out of recession. Moreover, Asenime highlighted the blue economy’s capacity to engage and empower the youth, providing them with skills that are applicable both locally and internationally.
He also noted the financial sector’s crucial role in supporting the blue economy, particularly in addressing challenges such as the lack of funding for shipbuilding. This call for financial investment is essential for fostering innovation and ensuring the sustainable development of marine resources.
The Vision for Marine Aquaculture
Dr. Olusola Odunsanya, the Director-General of NACETEM, shared his vision for the marine aquaculture economy, describing it as a well-conceived initiative by the federal government aimed at unlocking new business opportunities. He emphasized that understanding the marine environment is vital for exploring its value. This understanding involves mapping and collecting existing information about marine biology, which is crucial for developing sustainable practices.
Odunsanya also highlighted the need for improvements in the vessels used in marine environments. Discussions with West Africa Ventures are underway to enhance boat building, focusing on introducing fiberglass and aluminum boats. This initiative aims to create a safer and more efficient boating environment, which is essential for both commercial and recreational activities.
Expanding Beyond Extraction
The Director-General pointed out that while extraction is a significant aspect of the blue economy, there is a broader spectrum of opportunities, including ecotourism and educational initiatives. By utilizing the marine environment as a learning tool, NACETEM envisions creating programs that engage children and communities, fostering a deeper understanding of marine ecosystems.
Odunsanya’s optimism for the future was palpable as he expressed hope that the workshop would prepare NACETEM for 2025, enabling the organization to delve deeper into the marine and blue economy. This forward-thinking approach is essential for positioning Nigeria as a leader in sustainable ocean resource management.
Conclusion
The insights shared during the workshop underscore the urgent need for innovation and strategic investment in Nigeria’s blue economy. As experts advocate for a more proactive approach, the potential for economic growth, job creation, and environmental sustainability remains within reach. By harnessing the collective expertise and resources available, Nigeria can pave the way for a thriving blue economy that benefits both its people and the planet.