Nigeria's explosive economic boost in the past decade rode heavily on commodities as it fuelled the world with diverse mineral resources, the very raw materials required to drive the engines of innovation and progress around the globe. However, in recent times, the commodities market has faced uncertainties, the most dire being the crash in oil prices around the world. The cry for economic diversification has never been louder than it is right now, and a ready solution for the continent may lie in the blue economy.

 

The maritime industry has been estimated to be bigger in size than oil and gas, yet Nigeria seems not to have realised the hidden treasure in the sector. The seas and oceans are major contributors to the world economy. The seas occupy 71% of the world's surface area and over 90% of the world's trade travel by sea. The seas and oceans, including the sea bed and the sub-seabed, represent a vast resource for food, mineral resources, energy, water, bio-medicines and infrastructure that in turn create wealth for individuals and for nations.

 

The blue sea economy is more than the traditional core activities of fishing, maritime trade and passenger ships. It also includes but not limited to aquaculture, biomedicine, boats and shipbuilding, cables and pipelines, coastal zone management, defense and security and desalination and water treatment. Others are marine recreation, ocean energy and minerals, ocean science and observation, port operations and tourism. Yet others relate to shoreline development, telecommunications, robotics and submarines, very large floating platforms, weather and climate science. Each of these important and growing maritime sectors can provide jobs and create wealth.

 

Nigeria's blue sea economy development is the long term strategy to support sustainable growth in the marine and maritime sectors as a whole. Seas and oceans are drivers for the Nigerian economy and have great potential for innovation and growth. It is the maritime contribution to achieving the goals of the Nigeria 2020 strategy for smart, sustainable and inclusive growth.