SIFAX Group Chairman charges FG on blue economy prospects, job creation, economic growth
PanNigerianNews
2 min read
By Sunday ADEPOJU
The Chairman of SIFAX Group, Dr. Taiwo Afolabi, yesterday, said Nigeria has not fully maximised the prospects of the blue economy for increased employment of youths.
Dr. Afolabi stated this, on Friday, while delivering the 16th Convocation Lecture of Ladoke Akintola University of Technology, Ogbomoso held at the A. M. Salau Senate Building (Council Chamber), LAUTECH, Ogbomoso.
Afolabi was conferred with honourary doctorate degree of LAUTECH in 2008.
Dr. Afolabi, renowned for his avalanche of experience in the field, said the opportunities offered by the newly created Federal Ministry of Marine and Blue Economy is enormous and remains untapped to the fullest in Nigeria.
In the lecture titled “Towards a Sustainable Blue Economy and Marine Development in Nigeria: Trends, Challenges and Prospects”, Afolabi cited Philippines and Norway’s examples, noting that Nigeria should emulate such countries.
Afolabi posited, ” Nigeria is yet to fully leverage its blue evonomy assets for increased employment of its people and rapid national economic growth.
“Such opportunities the newly created Federal Ministry of Marine and Blue Economy is expected to focus upon include such productive sectors as fisheries, aquaculture, maritime transportation, renewable energy, and coastal tourism, among others, especially for the benefit of her coastal communities, this contributing to poverty reduction.
“Industry experts have put the value of Nigeria’s untapped blue economy potentially at nearly USD 300 billion annually. Other schools of thought have put this at a staggering $1.5 trillion annually.
“This outstanding vast wealth can be guaranteed to generate employment opportunities in various industries apart from its potential to contribute massively to the global economy.”
He, however, lauded the Senator Bola Tinubu administration for creating a separate ministry in this regard.
Speaking specifically on other ways in which the economy can benefit Nigeria, he said, “Seafearing is just one of the many job creation opportunities that the blue economy can generate for the teeming unemployed young Nigerians.
“Marine resources can be exploited to create jobs and transform Nigeria into a leader in sustainable marine activities.
“It will diversify the country’s oil-based economy as well. Norway is an example of how this has been done successfully.”
He, however, among others, highlighted human exploitative activities, rising insecurity and effect of climate change.
