Oyetola: Why blue economy is beneficial to Nigerian youth

Adegboyega Oyetola, minister of marine and blue economy, has called on academic institutions across Nigeria to collaborate with the government to unlock the vast potential of the nation’s ocean and coastal resources.

Oyetola spoke on Wednesday at the 2024 international conference titled “Advancing Entrepreneurship Education and Practice for Sustainable Development in Africa,” organised by the Institute for Entrepreneurship and Development Studies (IFEDS), Obafemi Awolowo University in Osun state.

Oyetola, represented by Abubakar Dantsoho, managing director, Nigerian Ports Authority (NPA), described the marine and blue economy as a “blue gold mine” of entrepreneurial opportunities for African innovators and researchers.

The minister stressed the importance of leveraging innovation and strengthening collaboration among government, academia, and the private sector to establish a prosperous marine and blue economy that can significantly advance Nigeria’s sustainable development goals.

He said synergy must exist between academic institutions, government and the private sector to fully realise the blue economy’s opportunities.

“The marine and blue economy represents a frontier of immense potential for Nigeria and indeed, all of Africa. It is a sector that, if harnessed correctly, can drive innovation, create jobs, and contribute significantly to our national and continental GDP,” Oyetola said.

“By harnessing innovation, embracing sustainability, and fostering collaboration between government, academia, and the private sector, we can create a thriving marine and blue economy that contributes significantly to Nigeria’s sustainable development.

“Let us work together to unlock the potential of our oceans and coastal resources, creating prosperity for our people while preserving the health of our marine ecosystems for generations to come. The future of Nigeria is blue, and it is up to us to shape it.”

‘BLUE ECONOMY BENEFICIAL TO YOUTHS IN NIGERIA’

The minister said the blue economy is beneficial to the growing youth population in Nigeria, adding that the sector offers capacity for innovation, sustainable growth, and entrepreneurship.

“Nigeria has an expansive coastline of 853 kilometres along the Atlantic Ocean, and a maritime area of 46,000 square kilometres within the Gulf of Guinea. Our marine resources are both vast and varied. Our exclusive economic zone spans over 200 nautical miles, achieving a recent extension of 16,300 square kilometres – approximately five times the size of Lagos state,” he said.

“Additionally, Nigeria features an extensive resource of inland waterways, with the potential to support an intra-regional trade sphere through a length of 10,000 kilometres. Strategically situated navigational routes link Africa with North and South America, Europe, and Asia, making the maritime sector a crucial catalyst of our nation’s economy.

“Thus, the blue economy sector promises a wealth of benefits for the growing youth population of our beloved nation, offering scope for innovation, sustainable growth and fruitful entrepreneurial paths. The economic prospects offered by our blue economy are substantial and remarkable.”

Oyetola highlighted entrepreneurial prospects within the marine and blue economy sector.

These, according to the minister, include marine engineering, naval architecture, ship recycling, ship repair, cadet training, and seafaring, as well as freight forwarding.

“Other opportunities are, ship brokering and chattering; cybersecurity and data science; maritime law and policy; Marine insurance; Marine insurance, maritime education and training; Maritime research and development,” he added.

Other opportunities in the sector include fisheries and aquaculture, seafood processing, fisheries science, maritime real search and development, marítime research and training, marítime biotechnology, underwater welding, diving and seabed mining.