Marine and Blue Economy Minister Adegboyega Oyetola yesterday unveiled his ministry’s plan to generate $20 billion and create two million jobs annually.
He said the goal would be achieved through strategic development within the maritime sector.
The minister also spoke of a four-year plan to transform the Marine and Blue Economy sector into a significant contributor to the nation’s economy, to compete with the oil and gas sector in Gross Domestic Product (GDP) contribution.
Oyetola, who dropped the hints yesterday at the 2023 Investment Summit and Expo in Abuja, said his ministry has a goal to redefine the marine and blue economy sector for sustainable national socio-economic growth and development.
According to him, the newly created ministry had mapped out workable strategies in formulating a comprehensive policy and roadmap to harness Nigeria’s maritime and ocean resources for sustainable economic growth and development.
Oyetola said a Stakeholders’ Roundtable would soon be organised as a platform for engaging with key players in the marine and blue economy sector.
He said: “In Nigeria, experts have noted that the untapped potential within the Marine and Blue Economy sector is estimated to be a staggering $296 billion.
“Recognising this immense opportunity, we are committed to driving forward with policies and initiatives aimed to unlock this latent value.
“Our ambitious goal is to generate up to $20 billion annually and create about two million jobs on an annual basis through strategic development within this sector.
“We aspire for the Marine and Blue Economy to become a substantial contributor to our nation’s economy, with a target to at least match the GDP contribution of the oil and gas sector within the next four years.” The Minister said.
