Blue Economy Worth Over $1.5trillion Annually – Oyetola

The Minister of Marine and Blue Economy, Gboyega Oyetola, said that the blue economy is estimated globally to be worth more than $1.5 trillion annually, adding that considering the size of the country’s blue economy.

He, however, promised to come up with practicable ways of ensuring that the inland rivers, lakes, and waterways are utilised for cargo shipment and passenger transportation.

As we look ahead, my vision is rooted in the responsible management and utilisation of our marine resources to benefit not only our economy but also the health of our planet.

“Experts say the Blue Economy is estimated to be worth more than $1.5 trillion per year globally.

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“We must seize this opportunity to create positive change, leaving a lasting legacy for generations to come. These are my thoughts as I join you today.

“Nigeria should be a significant player in the sector to contribute to the country’s revenue and also provide jobs for the unemployed.

“I believe that when we are able to do all these and more, we would have contributed our quota towards realising Mr President’s renewed Hope Agenda in the Marine and Blue Economy sector,” he added

“As someone with a strong private sector background, we shall promote greater private sector inclusion while fostering greater efficiency through specialisation and the effective delineation of core duties between the units.

He said, “Our oceans cover more than two-thirds of our planet’s surface, holding the key to sustainable economic growth, environmental preservation, and technological innovation.

Oyetola, who is the immediate past governor of Osun state also said he would promote better inter-agency cooperation and coordination between the Nigerian Maritime Administration and Safety Agency, the Nigerian Ports Authority, and the Nigerian Inland Waterways Authority.

“Therefore, given our size as a country and considering the size of our blue economy, we should be a significant player in this sector, to contribute immensely to the revenue generation of our country and also provide jobs for the unemployed.

“This can be done by embarking on a holistic dredging campaign for most of our strategically important inland waterways to make them navigable for the passage of goods and people.”

“We must come up with practicable ways of ensuring that our inland rivers, lakes, and waterways are well utilised, both in terms of cargo shipment and passenger transportation,” he said.