Nigeria targets $20bn yearly, 2 million jobs under Marine and Blue Economy

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced that the ministry is pursuing a goal to generate $20 billion annually while creating two million jobs each year.
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In a statement released by his Media Aide, Ismail Omipidan, the minister expressed the ministry’s commitment to transforming the Marine and Blue Economy sector into a significant contributor to Nigeria’s overall economic landscape.

He emphasised the need to match the Gross Domestic Product (GDP) contribution of the Oil and Gas sector within the next four years.

Represented by his Technical Aide, Prof Busayo Fakinlede, Oyetola outlined the ministry’s strategic plans for the sustainable growth and development of the marine and blue economy sector.

These plans include the expansion and optimisation of ports, infrastructure refurbishment, and the development of deep-sea ports.

“In Nigeria, experts estimate the untapped potential within the Marine and Blue Economy sector to be a staggering $296 billion. Recognising this immense opportunity, we are committed to driving forward with policies and initiatives aimed at unlocking this latent value,” said Minister Oyetola.

“Our ambitious goal is to generate up to $20 billion annually and create about 2 million jobs on an annual basis through strategic development within this sector. We aspire for the Marine and Blue Economy to become a substantial contributor to our nation’s economy, with a target to at least match the GDP contribution of the Oil and Gas Sector within the next four years,” he added.

Minister Oyetola emphasised the ministry’s unwavering commitment to the development of inland waterways, aiming to link all regions of the country through inland waterways by exploring Public-Private Partnership (PPP) arrangements to attract Foreign Direct Investment (FDI).

The minister also revealed that the government is considering the re-establishment of a National Shipping Line through a strategic PPP arrangement. This move aims to capture a substantial share of the estimated $10 billion annual ship charter market within the country.