Nigeria’s New Ministry of Blue Economy and Marine Resources: A Panacea For Economic Growth – Nigeria has an estimated capacity to generate $13.125 million annually from fish reef and new emerging sectors of the blue economy, thereby boosting the nation’s Gross Domestic Product (GDP), says Lanre Badmus, the regional director of the World Aquaculture Society (WAS) African chapter, West African region.
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 18-21 February, Badmus added that the untapped blue economic potentials of the Nigerian economy could be worth $296 billion annually, significantly boosting the overall GDP.
He disclosed that Nigeria is the largest fish consumer in Africa and the fourth largest importer of fish in the world, with a fish demand of about 3.6 million metric tons, of which the country only meets up to 31.19 percent and depends on importation to bridge the gap of about 68.80 percent. 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 853 kilometers and over 14 million hectares of inland waters, total fish production per year is close to one million metric tons (313.231 metric tons from aquaculture and 759,828 metric tons 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),”
he pointed out.
Underexplored potential suggests that Nigeria is utilizing only 50 percent of its sustainable fish potential, leaving significant room for growth.
Nigeria’s New Ministry of Blue Economy and Marine Resources: A Panacea For Economic Growth
