Nigeria has an estimated capacity to generate $13.125 million annually from fish reef and new emerging sectors of blue economy, thereby, boasting the nation’s Gross Domestic Product (GDP).

Delivering his paper on ‘Nigeria’s New Ministry of Blue Economy and Marine Resources: A Panacea For Economic Growth’ at the World Aquaculture Society Global conference tagged Aquaculture America 2024 themed ‘Setting the Table for US Aquaculture,’ in San Antonio Texas, United States(US) held 18-21st February , the regional director, World Aquaculture Society(WAS), African chapter, West African region, Lanre Badmus, added that, the untapped blue economic potential of the Nigerian economy could be worth $296billion annually, significantly, boasting the overall GDP.

Disclosing that Nigeria is the largest fish consumer in Africa and the fourth largest importer of fish in the world with the fish demand of about 3.6 million metric tons of which the country only meet up 31.19% and depends on importation to meet up the huge gap of about 68.80%, he noted that, addressing these challenges and capitalizing on its blue economy potential holds immense potential for Nigeria to bridge the gap in fish import and boost the national economy.
“With a coastline of 853km and over 14million hectares of inland waters, total fish production per year is close to 1million metric tons (313.231 metric tons from aquaculture and 759,828 metric tones from fisheries), Nigeria can leverage its blue economy to achieve significant economic development, improve food security, create jobs, and adapt to a changing climate. Fishing is a vital livelihood for the poor as well as an important protein source at the household level in Nigeria (ODI/DFID, 2000). Under-explored potential suggest Nigeria utilizes only 50% of its sustainable fish potential, leaving significant room for growth,” he pointed out. Taking these advantages and utilizing its resources responsibly, Nigeria has the potential to unlock the full potential of its fishing sector, contributing to economic growth, food security, and poverty reduction.

While applauding the efforts and commitment of the current administration under the leadership of President Bola Ahmed Tinubu for creating the ministry of Blue Economy and Marine Resources to exploit its maritime resources in a sustainable and environmental friendly manner, he stressed that, with the new ministry, Nigeria could be on the way of unlocking new range of opportunities.

Discussing the objectives, goals, ministry’s vision of the present administration of President Bola Tinubu’s policy, the regional director pointed out that the new ministry has opportunities to provide food security, job creation, growth and poverty eradication in the country.

With its expansive coastline and rich marine resources, both tremendous potentials for a thriving blue economy, he said, Nigeria can create millions of new jobs from various sectors like fishing, aquaculture, fish reef, maritime transport, tourism and renewable energy.

He equally stated that the country has seven seaports which include: Apapa port, Tin can Island Port, The Onne Port, Port Harcourt Port, the Warri Port, Calabar Port and Lekki Deep Sea Port, saying, these are avenues to boost the blue economy and make it the economy’s mainstay.

Earlier, he had said, the World Aquaculture Society conference , Aquaculture America 2024, titled ‘Setting the Table for US Aquaculture’ which took place in San Antonio, Texas from February 18 to 21st, is a global conference that brings aquaculturists and critical stakeholders across the world together to discuss, brainstorm and share knowledge on innovative ways to ensure environmental and social sustainability of the aquaculture industry and the need to limit ecological impact and promote industry growth.

The Aquaculture America 2024 conference, he pointed out, serves as a vital platform of critical issues showcasing the advancement within the aquaculture industry, while focusing on sustainability and create a resilient future for the industry, while contributing to food security, economic development and environmental wellbeing.

He concluded that, International collaboration is essential for the sustainable development of the Blue Economy in Nigeria. He pointed out that as the Blue Economy has the potential to create millions of jobs and generate billions of dollars in revenue for Nigeria. However, it is important to ensure that the Blue Economy is developed sustainably through collaboration so that it does not harm the environment or the livelihoods of local communities.