Blue Economy: 5 Things To Know About Tinubu’s New Ministry
President Bola Tinubu has established a new Ministry of Marine and Blue Economy with the aim of promoting the advancement of marine resources.
The initiation of the Blue economy has been perceived by experts as a positive move in the correct direction, bringing encouraging news for the populace of Nigeria who have been facing challenges
Below are five (5) things you probably don’t know about the newly-established Ministry:
- The term ‘Blue economy’ in Economics connotes the exploitation, preservation and regeneration of the marine environment. It is generally used in the scope of international development when describing a sustainable development approach to coastal resources.
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The concept includes a wide range of economic sectors, from the more conventional fisheries, aquaculture, maritime transport, coastal, marine and maritime tourism
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According to Rear Admiral Atakpa, a leading Nigerian expert on the blue economy, we must optimise the benefits of traditional and emerging sectors in a sustainable way by using an important tool known as “Marine Spatial Planning (MSP).”
“The MSP is considered the most important element in the establishment of a functional and virile blue economy, and the most critical requirement next to maritime security,” Real Admiral Atakpa added.
- Blue economy also attempts to embrace ocean ecosystem services that are not captured by the market but provide significant contribution to economic and human activity. They include carbon sequestration, coastal protection, waste disposal, and the existence of biodiversity.
- According to analysts, if the ministry is properly harnessed, it will boost Nigeria’s revenue, significantly reduce budget deficits – at a time we are using over 90 percent of our revenue to service our debts. It has just been reported that the Central Bank of Nigeria (CBN) owes JP Morgan and Goldman Sachs $7.5 billion in what it classified as “securities lending.”
