Potentials, opportunities and challenges confronting Nigeria’s Blue Economy drive

With a coastline of about 853 kilometres and an Exclusive Economic Zone of approximately 315.950 square kilometers, the creation of a Marine and Blue Economy Ministry by President Bola Tinubu has meant that the nation cannot afford to fail in the quest to tap from its vast marine resources, writes TOLA ADENUBI.

THE concept of “Ocean Economy” or “Blue Economy” first appeared as a term in 2009, at the Senate Committee on Commerce, Science and Transportation of the United States and has since came into usage at different global economic forum. The concept focuses on the sustainability of the ocean economy, by addressing the human drivers of change in marine ecosystems, e.g. increasing fishing capacity and efforts, coastal development, and pollution. The essential feature of the concept is that it aims to balance both the economic opportunities and environmental limitations of using the ocean to generate wealth.

The African Union (AU) Assembly adopted the African Charter on Maritime Security and Safety and Development in Africa (or the Lomé Charter) in 2016.  In its Agenda 2063, the blue economy is seen as the continent’s future, with particular reference made to the Gulf of Guinea. Its benefits extend beyond its littoral states, creating opportunities for landlocked communities and countries as well.

 

Components of blue economy

The blue economy has diverse components, including established traditional ocean industries such as: fisheries, tourism, maritime transport, offshore renewable energy, aquaculture, seabed extractive activities, marine biotechnology and bioprospecting.

A number of services provided by ocean ecosystems, and for which markets do not exist, also contribute significantly to economic and other human activity such as: coastal protection, waste disposal and the existence of biodiversity.

 

Economic benefits

The ocean is a significant source of economic activity, with an estimated global value of over $24 trillion per year. The blue economy includes various sectors such as fisheries and aquaculture, marine transport and logistics, offshore energy, tourism, and coastal development, all of which contribute to economic growth and job creation.

 

Food security

Fisheries and aquaculture are crucial for providing protein and other essential nutrients to millions of people worldwide. The blue economy aims to ensure that fish stocks are sustainably managed to meet current and future demand for seafood.

 

Climate change mitigation

Oceans play a critical role in regulating the earth’s climate and are essential for mitigating the impacts of climate change. The blue economy encourages the development of renewable energy from offshore wind, wave, and tidal sources, which can help reduce greenhouse gas emissions. Additionally, the preservation and restoration of coastal ecosystems such as mangroves and seagrasses can help protect coastal communities from storms and rising sea levels.

 

Biodiversity conservation

The ocean is home to a vast array of plant and animal species, many of which are not found anywhere else on earth. The blue economy aims to protect and conserve marine biodiversity by promoting sustainable fishing practices, reducing pollution and other threats to ocean health and creating marine protected areas.

 

Governance

Reform policies, build public sector capacity, align economic interests with long-term sustainability, and promote conditions that encourage business growth in a sustainable seafood sector. Public-private dialogue, stakeholder inclusion and strategic partnerships with donors, technical expertise, the private sector and clients help shape the fisheries agenda and position fisheries as central to today’s development challenges – poverty alleviation, climate change, and food security. Realising the full potential of the blue economy also requires the effective inclusion and active participation of all societal groups, especially women, young people, local communities, indigenous peoples, and marginalised or underrepresented groups. In this context, traditional knowledge and practices can also provide culturally appropriate approaches for supporting improved governance.

 

Private sector participation

The private sector can and must play a key role in the blue economy. Business is the engine for trade, economic growth and jobs, which are critical to poverty reduction. Overall, the blue economy offers numerous opportunities for sustainable economic development while protecting and preserving the health of our oceans. It is a critical approach to ensuring that we use ocean resources in a way that benefits both the people and the planet.

 

Challenges

In spite of all its promises, the potential to develop a blue economy is limited by a series of challenges namely:

 

Degrading economic trends

First, is the need to overcome current economic trends that rapidly degrade ocean resources through unsustainable extraction of marine resources, physical alterations and destruction of marine and coastal habitats and landscapes, climate change and marine pollution.

 

Inadequate valuation of resources

This relates to strengthening the concept and overcoming inadequate valuation of marine resources and ecosystem services provided by the oceans; isolated sectoral management of activities in the oceans, which makes it difficult to address cumulative impacts; inadequate human, institutional and technical capacity; underdeveloped and often inadequate planning tools; and lack of full implementation of the 1982 United Nations Convention on the Law of the Sea (UNCLOS) and relevant conventions and instruments.

 

Insecurity

The combination of maritime insecurity and environmental degradation poses significant problems for the blue economy in the Gulf of Guinea. Governmental failure to incorporate needs of coastal communities can undermine the peace and stability of the state, e.g. in the Niger Delta in Nigeria and Cabinda, Angola.

 

Overfishing/Polution

Overfishing remains one of the most significant challenges facing the Blue Economy. Also, pollution from land-based sources, marine litter, and plastic debris also presents a significant challenge to the Blue Economy.

 

Climate change

Climate change is also a significant challenge facing the Blue Economy. It affects ocean ecosystems, alters ocean currents, and causes ocean acidification, which negatively impacts marine biodiversity and economic activities such as fishing and tourism.

 

Unfair trade

Exclusive Economic Zones (EEZ), zones in which a state has special rights over exploration and use of marine resources, are crucial to the economies of island states, and often dwarf their corresponding land mass and government’s administrative capacity.

 

Ad-hoc development

Unplanned and unregulated development in the narrow coastal interface and near shore areas have led to significant externalities between sectors, suboptimal siting of infrastructure, overlapping uses of land and marine areas, marginalization of poor communities, and loss or degradation of critical habitats.

Also, the Blue Economy lacks adequate governance frameworks, which can lead to conflicts over resource use, unsustainable practices, and overexploitation (UNDP, 2021).

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