Blue economy annual worth is over $1.5trn globally — FG

APC's Oyetola

Minister of Marine and Blue Economy, the newly created ministry, Mr Adegboyega Oyetola has stated that the blue economy is worth about $1.5 trillion globally per annum.

Speaking on Monday while resuming office in Abuja, the former Governor of Osun stated explained that “our oceans cover more than two-thirds of our planet’s surface, holding the key to sustainable economic growth, environmental preservation, and technological innovation.

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

The Minister further said; “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.

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

“We equally have a duty to 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.

“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”.

Oyetola added; “We must seize this opportunity to create positive change, leaving a lasting legacy for generations to come.

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

In her welcome, the Permanent Secretary of the ministry, Dr. Magdalene Ajani said the sector is full of potentials that are yet untapped, expressing hope that the new ministry would grow the industry.

Oyetola resumed work in the company of his wife, Mrs Kafayat Oyetola, some Chief Executive Officers of Agencies under the ministry, former cabinet members from Osun state and other well wishes from the State.

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