The new marine and blue economy ministry, according to Ehi Braimah, publisher of the Naija Times, is full with potential to expand Nigeria’s economy.
On August 16, President Bola Tinubu published the list of ministers and their portfolios, including Adegboyega Oyetola as transport minister and Bunmi Tunji-Ojo as minister of marine and blue economy – a new ministry.
However, a few days later, the president ordered a cabinet reshuffle, reassigning Oyetola to the ministry of marine and blue economy and Tunji-Ojo to the ministry of interior.
Braimah remarked on Monday’s Sunrise Daily, a Channels TV show, that the blue economy has the potential to bring trillions of naira to Nigeria’s annual earnings provided actions are done to close loopholes.
According to the writer, who has been researching the blue economy since 2020, putting in place a solid strategy and adopting ideas from established models throughout the world would enable the incoming minister learn the ropes quickly.
According to him, the African Union estimates that the continent’s blue economy has a $300 billion potential.
“If we get our act together, Nigeria will make a lot of money.” In reality, there is no need for us to remain in deficit,” he stated.
“Imagine that three years ago, our appropriation budget was N10.5 trillion, or approximately $ 29.42 billion. At the time, we were using the rate. We currently have a N21.83 trillion budget with a N12.1 trillion deficit.
“Nigeria has no business being in deficit if we stop all leakages and optimise our revenue channels.”
“In fact, our annual revenue should be in the region of 40 to 50 trillion naira, and the newly created blue economy will contribute to that revenue.”
“There are numerous opportunities…It is to develop a viable strategy and have a better understanding of the blue economy.
“There are already established models for the benefit of the new minister who will lead the ministry, so let’s start there.”
“We can learn from the Republic of Ireland, South Africa, and the Seychelles, which have established blue economy models.” The Republic of Ireland was there in 2012, South Africa was there in 2014, and Seychelles was there in 2015.
“Second, opportunities for growth — revenue growth, job opportunities, and a way of life.” I’m comfortable talking about fishing. Our coastal communities have a lot of fishing going on. I’m also referring to transportation, specifically marine transportation and shipping.”
According to Braimah, the country is losing a lot of cash due to a lack of optimisation of marine transportation, and that additional vessels moving commodities out of Nigeria will relieve strain on the country’s foreign exchange.
He also stated that the new ministry will produce jobs in various places throughout the country, owing to the ministry’s many inter-agency interactions.
Although Braimah acknowledged that a lack of precise data and maritime insecurity would be obstacles, he expressed optimism that experienced hydrographers and the Nigerian Navy would help the new ministry sail smoothly.
The marine and blue economy governs a variety of economic activities associated with oceans, seas, and coastal areas.
