Truth be told, this ministry is long overdue in the face of our dwindling economic fortunes, and more importantly, to support the diversification of the economy. What is blue economy and what will this new ministry do for us?
According to the World Bank, the blue economy is the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of the ocean ecosystem.”
The UN defines blue economy as “a range of economic activities related to oceans, seas and coastal areas and whether these activities are sustainable and socially equitable.” The oceans cover two-thirds of the Earth’s surface and they are vital for planetary and human health – including combating climate change.
“It is an engine of livelihoods, transport, commerce and energy production. A healthy ocean contributes $1.5 trillion to the global economy annually and has an estimated asset value of $24 trillion.”
Over three billion people depend on ocean resources for their livelihood, and more than half of the oxygen we breathe come from the oceans. The African Union (AU) estimates that the blue economy currently generates about $300 billion for the continent, creating 49 million jobs in the process.
The blue economy concept always emphasises “sustainability” of the oceans, even as we exploit it for economic benefits. The economic activities in the traditional sector include fisheries, coastal leisure and tourism, ship and boat building, sea water desalination, offshore oil and gas, and shipping (marine transportation).
Properly harnessed, this ministry will boost our revenue – it will significantly reduce our budget deficits – at a time we are using over 90 percent of our revenue to service our debts.
The following are the activities of Blue Economy Activities
- Maritime shipping
- Fishing & aquaculture
- Coastal tourism
- Renewable energy
- Water desalination
- Undersea cabling
- Seabed extractive industries & deep sea mining
- Marine genetic resources
- Biotechnology
The Blue Economy is estimated to be worth more than $1.5 trillion per year globally. It provides over 30 million jobs and supplies a vital source of protein to over 3 billion people.
Hon Tunji Ojo is the best hand to deliver on this gargantuan mandate because he’s got the experience and technical expertise needed to deliver on the promises.
