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18th Annual International Business Conference 2024

Excerpt from Dr. Lanre Badmus (Regional Director, WASACWAR)

While applauding the effort of the present administration under the leadership of President Bola Ahmed Tinubu on the creation of the Ministry of marine and Blue Economy. The development is a significant step forward in addressing the critical need for contributing to human survival and quality life, supporting local coastal communities and their economies and contributing to the country's food security and improving the health of the ocean ecosystem.

In my submission, in view of the enormous potential of Blue Economy in the World, the critical concepts, particularly Nigeria, is a mechanism to efficiently and effectively harness this to drive the economic growth, job creation and poverty alleviation.

Considering the Blue Economy for Agenda 2030, there is a need for the government to break out of the business as usual and think differently. Nigeria has one of the largest wetlands in the World with its coastal and marine ecosystems covering a total of 70,000 square kilometers. These ecosystems are abundant in fish, forests, aquatic plants, coral reefs, among other types of flora and fauna.

It was on this premise; I emphasize on one among the most biological rich ecosystems on earth. The most biological diverse and economically valuable ecosystems on the planet. It represents a very high value for humankind supporting millions of people as a source of food and income. CORAL REEFS.

With the brand-new ministry for Marine and Blue Economy, with a right policy plan, develop and implement a proper regulatory framework that reflects modern realities for the blue economy, the untapped potential of Nigeria blue economy can be worth $296 billion per year, significantly boosting the overall GDP of the country and has the opportunity to ensure food security, job creation, economic growth and poverty alleviation.

On this note, I therefore called for an urgent action and submitted a proposal for the National Blue Carbon Farming Initiative to drive economic growth and environmental sustainability.