We are living in a world today that is full of uncertainties, but in order to survive, we must be willing to adapt to the changes taking place around us. Nigerians are trying to adjust and adapt to the prevailing harsh economic situation. With inflation at over 24 percent, a lot of businesses, especially SMEs, are in extreme distress and struggling to survive.
As we try to adjust our sails in the new direction of our economic headwinds, President Tinubu definitely needs a team of trusted advisers and experts to support his vision. I am sure he will welcome fresh ideas and innovative solutions from time to time to stabilise the economy and increase our national revenue.
Truth be told, this ministry is long overdue in the face of our dwindling economic fortunes, and more importantly, to support the diversification of the economy. What is blue economy and what will this new ministry do for us? “The oceans lead to greater prosperity,” according to information available on the Ocean Panel website. “It is an engine of livelihoods, transport, commerce and energy production. A healthy ocean contributes $1.5 trillion to the global economy annually and has an estimated asset value of $24 trillion.”
The blue economy concept always emphasises “sustainability” of the oceans, even as we exploit it for economic benefits. The economic activities in the traditional sector include fisheries, coastal leisure and tourism, ship and boat building, sea water desalination, offshore oil and gas, and shipping .
Since Africa’s ocean wealth is estimated at about $300 billion, just imagine what will accrue to Nigeria annually if we get our act right. The Maritime Stakeholders Forum has been asking for a review of the enabling laws in the maritime sector to ignite the blue economy and bring it to life. Rear Admiral Atakpa also said the sustainability component of the blue economy will avert resource recklessness and it will enhance Nigeria’s signatory commitments to the United Nations Development Goals in the context of Goal No 14 which is “Life below Water.”
Stakeholders in the maritime sector have also asked President Tinubu to create a separate ministry for the sector out of the Ministry of Transportation as a deliberate policy for economic prosperity. Thus, the Ministry of Blue Economy will serve as a one-stop shop ministry for all maritime and maritime-related departments and agencies in Nigeria for the purpose of achieving ocean sustainability, and eradicating the present and routine duplication of functions. The current situation also engenders budgetary duplication and wastages.
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Source: MobilePunch - 🏆 8. / 63 Read more »
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