Oyetola Urges Investors to Harness Marine Economy Potential
Investment Opportunities in Nigeria’s Marine and Blue Economy
Minister Oyetola Advocates for Growth in Marine Sector
BY SHEKWOPEYELO
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has called on private sector stakeholders to invest in Nigeria’s marine and blue economy. He emphasized the numerous government initiatives that promote business in this sector.
Oyetola highlighted the sector’s potential to contribute significantly to the country’s GDP. Additionally, he noted that it could create jobs through the establishment of small and medium-sized enterprises in the next decade.
He made these remarks at the Broad-Based National Stakeholders’ final Validation Workshop for the Draft National Blue Economy Strategy for Nigeria. He stated, “I encourage the private sector and investors to seize the opportunities presented by various government-led programs aimed at promoting business in this sector.”
Furthermore, he explained, “Our performance so far shows that we have increased our revenue by exploring the sector’s potentials. With a robust framework, stakeholders can harness these opportunities even more effectively.”
Oyetola’s establishment of the ministry underscores Nigeria’s commitment to sustainably harnessing its marine resources. He said, “Our focus includes boosting blue food production, creating jobs, and building climate-resilient coastal communities. Ultimately, we aim to ensure prosperity and security for future generations.”
Nigeria is blessed with a vast coastline and diverse marine resources. These resources hold significant potential in sectors like fisheries, aquaculture, tourism, marine transport, maritime security, renewable energy, and minerals.
Oyetola outlined an ambitious plan to upscale Nigeria’s blue economy through various initiatives. He noted, “This plan aims to significantly boost Nigeria’s GDP by establishing many small and medium-sized enterprises in the sector over the next decade.”
In addition, Oyetola mentioned the alignment with the Blue Belt Initiative, which focuses on sustainably using ocean resources to drive economic growth while preserving ecosystems.
He stated that the National Blue Economy Strategy will shape actionable policies for sustainable ocean and marine resource management. He also expressed gratitude to the African Union Inter-African Bureau for Animal Resources and the Kingdom of Norway for their support.
The Representative of the African Union (AU), Georges Mba Asseko, emphasized Nigeria’s potential to become a global leader in the marine and blue economy. He urged collaboration among stakeholders instead of working in isolation.
Asseko said, “The AU is leading a process to help countries integrate the African Blue Economy strategy into national policies. In Africa, we have aquatic resources that remain largely untapped.”
He added, “Nigeria should lead globally in fisheries due to its abundant resources. The main challenge is that various sectors work in isolation. For example, fisheries operate independently without considering transport or the environmental sector. We need to collaborate to become key players globally.”
