BLUE ECONOMY IN NIGERIA: OPPORTUNITIES AND CHALLENGES
Michael Effiong Ukpong 1 & Welson Amgbiri Erekake 2
Department of Public Administration, University of Uyo, Nigeria 1 & 2
Corresponding Email: mikeukpong20@gmail.com 1
Abstract
The over-dependent of the Nigerian economy on oil has posed a serious threat to the country’s economic and development prospects. Agriculture was the mainstay of the Nigerian economy prior to the discovery of oil. However, shortly after the discovery of oil, the agricultural sector was gradually abandoned, especially following the oil boom period of the 1970s. The fall in the price of oil in the international oil market has impacted negatively on Nigeria’s revenue profile. There has been a persistent call for the diversification of the economy to other sectors, with the blue economy emerging as a potential economic prospect. This paper, therefore, assesses the potentials of blue economy in Nigeria as well as the challenges in driving opportunities in the sector. Methodologically, qualitative approach was used. Extant literature was conceptually and empirically reviewed. Findings reveal that the blue economy contributes to employment generation, generation of Hydro-Electricity, boost of tourism and recreation, serves as veritable source of medicine while also addressing challenges of food security. The paper outlines threats to sustainable blue economy such as unfair trade policy, eutrophication, illegal, unreported, and unregulated (IUU) activities as well as anthropogenic factors such as pollution. The survival and sustainability of the blue economy is predicated on addressing these threats. To address these challenges, the paper recommends, amongst other things, sound legal framework to regulate every activity in the blue economy sector, diversification of the economy and meticulous planning. Furthermore, it recommends interagency collaboration among agencies in the maritime subsector.
Keywords: Economy, Blue Economy and Opportunities.
