Author: O. M. Atoyebi S.A.N Contributor: Theodora Nnodim
The oceans’ value in relation to international trade has progressed through vendors and customers. The ocean occupies a good percentage of the earth’s surface. It cannot be denied that oceans and seas are important for tenable development, and issues relating to the ocean are significant to a huge section of economic development. Oceans supply a decent segment of the global population with food and livelihoods and serve as a means of transportation for 80% of global trade. This essentially means that the ocean is valuable to not just mankind but the economy of every state or country.
What is Blue Economy?
Examples of Blue Economy Activities
Why Should Nigeria Exploit the Blue Economy?
Small Island Development States (SIDS) are the discoverers of the Blue Economy which has now become a growing world enterprise, crucial to all coastal states and countries with an interest in waters beyond national jurisdiction. SIDS are known to depend greatly on the seas for their well-being; but the Blue Economy, whilst covering the concept of ocean-based economies, go way past that.
The Blue Economy foresees the ocean as a space for development; where spatial planning integrates preservation, sustainable use, oil and mineral wealth extraction, sustainable energy production and marine transport. Also, it breaks the mode of the business development model, where the oceans have been recognized as a mode of free resource extraction and waste dumping; with costs externalized from economic calculations.
The Blue Economy will include ocean values and services into economic modelling and decision-making processes, which creates a sustainable development framework for developing countries, addressing equity in access to development and the allocation of benefits from marine resources; offering scope for re-investment in human development, as well as the improvement of crippling national debt burdens.
As stated earlier, some activities go on in the ocean that can be used to generate funds for the improvement of a country. With this in mind, averting the minds of Nigerians to some of the lapses being experienced in the country, it is safe to say that as soon as Nigeria taps into the Blue economy, Nigeria will get to enjoy more of what is being enjoyed and those not explored yet. Some of which will be:
The oceans’ potential to meet sustainable development needs is enormous; but only if they can be maintained or restored to a healthy, and productive state. The significance of oceans for sustainable development has been recognized from the beginning. It is no surprise that the Blue Economy wave is getting bigger for Africa, as it was unanimously declared “Africa’s future” as it took centre position within Agenda 2063.
Nigeria has what it takes to tap into and operate the Blue economy as well as make it work for enhanced economic growth. Thus, it is evident that a lot of intentional and strategic planning, alongside strict implementation of the available laws, might be a good way to start.
 United Nations Conference on Trade and Development (2012) Review of Maritime Transport 2012.
 World Bank and United Nations Department of Economic and Social Affairs. 2017. The Potential of the Blue Economy: Increasing Long-term Benefits of the Sustainable Use of Marine Resources for Small Island Developing States and Coastal Least Developed Countries. World Bank, Washington DC. (World Bank Document (production-new-commonwealth-files.s3.eu-west-2.amazonaws.com) <accessed 10th May, 2022>
 European Commission [The 2018 Economic Report on EU Blue Economy]
 GOC (2008). Policy Brief on Fisheries and Aquaculture. Global Oceans Conference
 Supra (World Bank Document (production-new-commonwealth-files.s3.eu-west-2.amazonaws.com) <accessed 10th May, 2022>
 WTTC (World Travel and Tourism Council). 2016. Travel and Tourism Economic Impact Summary 2016.
 African Development Bank. “Africa’s blue economies vital for development,” [online], Available: http://www.afdb.org/en/news-andevents/article/africas-blue-economies-vital-for-development- 13105/, 2014 [2015 January 6]. <accessed 10th May, 2022>