APC chieftain to Tinubu: Invest in blue economy to reduce reliance on crude oil

Olatunbosun Oyintiloye, a chieftain of All Progressives Congress (APC) in Osun state, has appealed to President Bola Tinubu to invest in blue economy to reduce reliance on crude oil.

Oyintiloye spoke on Sunday while speaking with journalists in Osogbo.

The APC chieftain said utilising the potential of the marine and blue economy sector could redefine sustainable growth in the gross domestic product (GDP).

Oyintiloye said according to projections by Gboyega Oyetola, the minister of marine and blue economy, the sector could generate $20 billion annually and create two million jobs, significantly boosting the country’s economy.

The chieftain said experts have projected the untapped potential of the marine and blue economy sector to be $296 billion.

“I want to commend the president for the creation of ministry of marine and blue economy,” Oyintiloye said.

“With the huge potential embedded in it, I believe if well tapped, it can serve as an alternative source of revenue generation for the country.

“And that is why we need to unlock the potentials in the marine and blue economy to revamp dwindling economy and reduce over dependency on crude oil.”

He said investing in the sector would bring numerous compelling benefits.

“Not only will it diversify and stimulate economic growth, but it will also play a pivotal role in enhancing marine health and safeguarding oceanic ecosystems,” he said.

“By fostering sustainable livelihoods, generating employment opportunities, and bolstering ocean tourism, blue economy will preserve our oceans, while fortifying communities against climate change impacts.”

Oyintiloye said the government needs to explore and develop fishing by encouraging more Nigerian fishing trawlers to enter the industry, thereby reducing capital flight and retaining value locally.

He said Nigeria needs to develop a robust maritime educational curriculum that takes technology, trends, and the dynamic nature of the industry into cognisance.

The APC chieftain praised Oyetola for his efforts in tapping into the blue economy’s potential and expressed confidence that Nigeria would soon start reaping the benefits of the marine economy for comprehensive growth.

He said to achieve sustainable development in the sector, it is crucial to develop an economic and financial system that can channel resources into ocean-related activities such as maritime shipping, fishing and aquaculture, coastal tourism, renewable energy, water desalination, undersea cabling, seabed extractive industries, deep-sea mining, marine genetic resources, and biotechnology.

Oyintiloye expressed optimism that with the president’s various ongoing economic policies, Nigerians would once again experience prosperity.