Funso OLOJO 

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has advised Nigerian youths to take advantage of the countless opportunities in the sector as they have better prospects.

Oyetola made this call on Wednesday, November 6th, 2024 at  the 2024 International Conference, titled, ‘Advancing Entrepreneurship Education and Practice for Sustainable Development in Africa,”

The event was organized by the Institute for Entrepreneurship and Development Studies (IFEDS), Obafemi Awolowo University, Ile-Ife, Osun State.

The Minister, represented by the Managing Director, Nigerian Ports Authority (NPA), Abubakar Dantsoho, said that the blue economy sector promises a wealth of benefits for the growing youth population of Nigeria.

Oyetola highlighted the opportunities in the blue economy to constitute a spectrum of economic activities which include maritime shipping, the construction and repair of ships, port infrastructure and services, coastal tourism, fisheries and aquaculture, and generation of renewable energy offshore.

“Others are seabed mining; underwater cabling; marine biotechnology (in support of the pharmaceutical and chemical sectors); maritime education, research, and consultancy services; protection and restoration of marine habitats; water desalination and waste disposal.

He, however, called on academic institutions across the country to work together with the government to harness the numerous potential inherent in the nation’s ocean and coastal resources

“The Marine and Blue Economy represents a blue gold mine of entrepreneurial opportunities for African entrepreneurs and researchers.

“By harnessing innovation, embracing sustainability, and fostering collaboration between government, academia, and the private sector, we can create a thriving marine and blue economy that contributes significantly to Nigeria’s sustainable development.

“The Marine and Blue Economy represents a frontier of immense potential for Nigeria and indeed, all of Africa.

” It is a sector that, if harnessed correctly, can drive innovation, create jobs, and contribute significantly to our national and continental GDP”, the Minister said.

The minister, further stated that the blue economy sector promises a wealth of benefits for the growing youth population of the beloved nation.

According to him, the sector offered scope for innovation, sustainable growth, and fruitful entrepreneurial paths, saying the economic prospects offered by our blue economy are substantial and remarkable.

Other dignitaries at the Conference were the Vice Chancellor, Obafemi Awolowo University, Ile-Ife, Professor Adebayo Someone Banire, Director-General, National Maritime Administration and Safety Agency(NIMASA), Dr. Dayo Mobereola and Dr. Richard Akinola, the Chief of Staff to the Minister.

Nigeria has an expansive coastline of 853 kilometers along the Atlantic Ocean and a maritime area of 46,000 square kilometers within the Gulf of Guinea.

 Its marine resources are both vast and varied. Our exclusive economic zone spans over 200 nautical miles, achieving a recent extension of 16,300 square kilometers – approximately five times the size of Lagos State.

“Additionally, Nigeria features an extensive resource of inland waterways, with the potential to support an intra-regional trade sphere through a length of 10,000 kilometers.

“Strategically situated navigational routes link Africa with North and South America, Europe, and Asia, making the maritime sector a crucial catalyst of our nation’s economy.

“Thus, the blue economy sector promises a wealth of benefits for the growing youth population of our beloved nation, offering scope for innovation, sustainable growth, and fruitful entrepreneurial paths. The economic prospects offered by our blue economy are substantial and remarkable.”