By Philemon Adjekuko
Since the establishment of the Ministry of Marine and Blue Economy by the President Bola Ahmed Tinubu administration, Nigeria has witnessed a significant surge in activities, ranging from high-level stakeholders’ engagements to national summits. While this enthusiasm is a positive signal, we must be cautious not to mistake motion for progress. In many developing regions, emerging sectors often suffer from a ‘running on a treadmill’ experience, with lots of activity but little forward movement. To avoid this, we must look toward established frameworks like the EU Blue Economy Report 2024 to understand both the massive opportunities and the inherent vulnerabilities of this sector.
The Economic Powerhouse: Beyond the Surface
The EU report provides a staggering look at the economic potential of a well-managed blue economy. In 2021, the EU’s established blue sectors generated a turnover of €623.6 billion and a Gross Value Added (GVA) of €171.1 billion. This wealth is distributed across several key pillars: Maritime Transport contributed €44.3 billion in GVA, Port Activities added €29.5 billion, and Marine Living Resources, including fisheries, accounted for €22 billion.
For a developing nation like Nigeria, these figures are more than just statistics; they are a roadmap. The report highlights that the blue economy often grows faster than the overall national economy during periods of expansion. However, it also warns that this sector is uniquely sensitive to geopolitical shocks and environmental crises.
The Tourism Eye-Opener
Perhaps the most significant lesson for Nigeria lies in human capital. The report reveals that Coastal Tourism is the largest employer in the blue economy, accounting for 54% of the 3.59 million jobs in the sector. Despite being the hardest hit by the COVID-19 pandemic, tourism remains a primary engine for job creation and regional GVA.
Nigeria, with its extensive coastline and untapped maritime heritage, must view this as a call to action. While we often focus on extractive maritime activities, the European model proves that service-based coastal activities provide the most resilient employment opportunities for citizens.
Food Security and the Fisheries Gap
The report exposes a critical vulnerability in Europe that mirrors Nigeria’s own challenges: self-sufficiency. In 2021, the EU’s self-sufficiency in fishery and aquaculture products reached a low of 38.2%, leaving the region heavily dependent on imports to meet consumer demand.
When we compare this to Nigeria’s situation, where a massive shortfall in local fishing leads to a multi-billion dollar import bill, the message is clear. If a technologically advanced region like the EU struggles with self-sufficiency, Nigeria must prioritize the primary production of its marine living resources to ensure national food security and reduce the drain on foreign exchange.
The Renewable Energy Revolution
One of the most phenomenal trends revealed in the report is the meteoric rise of Marine Renewable Energy. It is currently the fastest-growing sector in the EU Blue Economy. Its turnover skyrocketed from just €91 million in 2009 to €3.4 billion in 2021. In 2021 alone, the sector saw a 45% increase in gross profits. The EU has set ambitious targets to deploy 60 GW of offshore wind by 2030 and 300 GW by 2050, effectively rewiring its energy landscape.
For Nigeria, this is a clear signal. Our coastal regions should not just be for transit; they have the potential to become the engine room of a national energy transition. By harnessing offshore wind and emerging ocean energy technologies, Nigeria could significantly boost its national energy pool, providing the stable power necessary to drive industrial growth in coastal states and beyond.
Infrastructure and the Port Logistics Nightmare
We must congratulate the Federal Government for the recent approvals of new deep-sea port developments across the country. For too long, Nigeria’s economy has been strangled by an over-dependence on Lagos ports, resulting in a logistics nightmare that constrains job creation and threatens economic stability.
The EU report underscores that ports are vital infrastructure that serve as hubs for global trade and clusters for emerging energy industries. By diversifying our port locations, we not only mitigate the risk of a single point of failure but also stimulate regional economies, much like the EU’s top contributors, Germany, France, and Spain, have done by distributing maritime activities across their coastlines.
The Escalating Threat of Flooding
We cannot talk about the blue economy without addressing Climate Change. The report notes that coastal flooding currently costs the EU €1 billion annually, but this is projected to escalate to between €137 billion and €814 billion by 2100 if adequate protection measures are not taken.
The recent devastating floods in Lagos serve as a localized warning of this global trend. The EU report makes it clear: investments in the blue economy can go to waste if we do not simultaneously invest in coastal resilience and adaptation. Protecting our investments means protecting our coastlines.
Conclusion
The Nigerian government and its people must not see the Blue Economy as merely another opportunity to sloganize or a new frontier for quick profits. As the EU report demonstrates, a thriving blue economy requires a careful balance of all its sectors, from biotechnology and renewable energy to traditional fishing and transport. The government must properly guide this process, moving beyond the treadmill of summits and into the realm of strategic, sustainable governance for the ultimate benefit of all Nigerian citizens.
Philemon Adjekuko is a Senior Consultant with Gadfly Consulting Limited, organizers of the Niger Delta Blue Economy Investment Summit.
