A chieftain of the All Progressives Congress (APC) in Osun State, Olatunbosun Oyintiloye, has called on President Bola Tinubu to prioritize the development of the blue economy as a significant revenue source alternative to crude oil. Oyintiloye made this appeal during a conversation with journalists on Sunday in Osogbo, the capital of Osun State.
Oyintiloye emphasized that harnessing the potential of the marine and blue economy sector could redefine sustainable growth in the national Gross Domestic Product (GDP). He cited projections by the Minister of Marine and Blue Economy, Gboyega Oyetola, indicating that the blue economy could generate $20 billion annually and create two million jobs, thus adding significant value to the country's economy.
According to Oyintiloye, experts estimate the untapped potential within the marine and blue economy sector to be worth a staggering $296 billion. He commended the president for establishing the Ministry of Marine and Blue Economy, asserting, "With the huge potential embedded in it, I believe if well tapped, it can serve as an alternative source of revenue generation for the country."
He elaborated on the benefits of the blue economy, noting that it would not only diversify and stimulate economic growth but also enhance marine health and safeguard oceanic ecosystems. "By fostering sustainable livelihoods, generating employment opportunities, and bolstering ocean tourism, the blue economy will preserve our oceans while fortifying communities against climate change impacts," he added.
Identifying fishing as one of the low-hanging fruits, Oyintiloye urged the government to increase the number of Nigerian fishing trawlers to stem capital flight and retain value locally. He praised Oyetola's efforts in tapping the blue economic potentials, predicting that Nigeria would soon reap the benefits of the marine economy for all-round growth.
Oyintiloye concluded by stressing the need to develop an economic and financial system capable of directing resources towards ocean-related activities such as maritime shipping, fishing and aquaculture, coastal tourism, renewable energy, water desalination, undersea cabling, seabed extractive industries and deep-sea mining, marine genetic resources, and biotechnology. He expressed optimism that with the president's ongoing economic policies, Nigerians would soon see positive impacts and economic revival.
