Tinubu urged to back blue economy as alternative to crude oil
President Bola Tinubu has been urged to give maximum support to the development of the blue economy and make it an alternative to crude oil in terms of revenue generation.
This call was made by Olatunbosun Oyintiloye, an All Progressives Congress, APC, chieftain in Osun State while speaking with journalists on Sunday in Osogbo.
The APC chieftain said harnessing potentials of the marine and blue economy sector was capable of redefining sustainable growth in National Gross Domestic Product, GDP.
Oyintiloye said with the projection by Adegboyega Oyetola, the Minister of Marine and Blue Economy, the blue economy could generate $20 billion annually and also create two million jobs, thus adding big value to the country’s economy.
He also said experts have also projected that the untapped potential within the marine and blue economy sector is believed to be worth staggering $296 billion.
“I want to commend the president for the creation of the Ministry of Marine and Blue Economy.
“With the huge potential embedded in it, I believe if well tapped, it can serve as an alternative source of revenue generation for the country.
“And that is why we need to unlock the potentials in the marine and blue economy to revamp the dwindling economy and reduce over dependence on crude oil”, he said.
Oyintiloye, a former lawmaker, said that investing in the marine and blue economy sector would yield a multitude of compelling benefits.
“Not only will it diversify and stimulate economic growth, but it will also play a pivotal role in enhancing marine health and safeguarding oceanic ecosystems.
“By fostering sustainable livelihoods, generating employment opportunities, and bolstering ocean tourism, blue economy will preserve our oceans, while fortifying communities against climate change impacts.
He identified fishing as one of the low-hanging fruits and an area the government has to look into and harness by getting more Nigerian fishing trawlers into the fishing business to stem capital flight and retain value locally.
He said Nigeria needs to develop a robust maritime educational curriculum that takes technology, trends, and the dynamic nature of the industry into cognizance.
Commending Oyetola for steps taken so far to tap the blue economic potentials in the sector, he hoped that in no distant time, Nigeria would start to reap the benefits of the marine economy for all round growth.
Oyintiloye said that with various ongoing economic policies put in place by the president, Nigerians would smile again.
