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May 29, 2024

Blue Economy to Rake in  $20bn Annually, Create 2m Jobs

The Minister of Marine and Blue Economy, Adegboyega Oyetola, unveiled his ministry’s plan, aiming to generate over $20 billion in revenue and create more than 2 million jobs annually. 

Speaking at the 2023 Investment Summit and Expo in Abuja, the minister outlined his ministry’s efforts to redefine the marine sector, fostering sustainable socio-economic growth and development at the national level.

Represented by his technical aide, Prof. Busayo Fakinlede, the minister disclosed a four-year plan to transform the marine economy into a major contributor to the nation’s GDP, comparable to the oil and gas sector. 

The minister stated, “Our ambitious goal is to generate up to $20 billion annually and create about two million jobs on an annual basis through strategic development within this sector.

“We aspire for the Marine and Blue Economy to become a substantial contributor to our nation’s economy, with a target to at least match the GDP contribution of the oil and gas sector within the next four years.”

The minister highlighted key strategies, including the expansion and optimization of ports, infrastructure refurbishment, development of deep-sea ports, and the implementation of improved policies to facilitate online clearing and the National Single Window initiative.

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