• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, June 6, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Osinbajo urges promotion of blue economy project

Blue

The Matters Press by The Matters Press
January 19, 2022
Reading Time: 3 mins read
0
Deep blue project excites LCCI

RELATED POSTS

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,


The Vice President, Professor Yemi Osinbajo, yesterday called for wider participation of relevant stakeholders in the “Blue Economy” project to deepen participation and benefits of Nigerians from the country’s marine resources.

He made the call at the inaugural meeting of an Expanded Committee on Sustainable Blue Economy in Nigeria at the Presidential Villa, yesterday.

He said a viable “Blue Economy” project would offer vista of opportunities not only for littoral states where there are bodies of waters but for the entire country. He identified areas to be exploited to include ports, terminals, fishing, training, environment, tourism, power, oil and gas.

“There is no doubt that the “Blue Economy” is a new frontier for economic development and a means of diversifying the economy through the use of resources from oceans, seas, rivers and lakes for the wellbeing of the people. It also provides positive contribution to the achievement of the Sustainable Development Goals (SDGs), 2052 Africa Integrated Maritime Strategy (2052AIM) and the UN 2030 agenda.

Osinbajo further said that the this concept for economic diversification is promoted by the international community and provides friendly means of livelihood in line with the President Muhammadu Buhari’s administration’s agenda on job creation. He noted that the “ocean economy” as an emerging economic frontier, applies to ocean based industry activities and the assets, goods and services of marine ecosystems.

“Countries have to define the scope of their blue economy based on their priorities. For example, in Bangladesh, the ocean economy consists of the following broad and growing economic sectors; living resources, minerals,energy, transport trade, tourism and recreation, carbon sequestration and coastal protection. These industries and ecosystem services do not develop in isolation, but rather interact as an economic ecosystem,” the VP said.

While identifying possible challenges of sustainability, the Vice President urged all the ministries, departments and agencies to strengthen their collaborations in an atmosphere of inter-ministerial working groups and advised all members to attend the meetings faithfully for maximum results.

Osinbajo, who formally inaugurated the expanded committee, identified the need for a legal framework that will be more robust than other international maritime conventions on blue economy which Nigeria has been signatory to. He said the scope and participation of the committee will be further improved on to accommodate more members from government agencies and relevant private sector stakeholders.

In his opening remarks, Minister of Transport, Rotimi Amaechi, said the blue economy is capable of improving government revenue, create employments and grow the gross domestic product of Nigeria. Amaechi who was represented by the Permanent Secretary of the ministry, Dr Magdalene Ajani, also expressed optimism in the copious benefits derivable from a well exploited marine environment.

Speaking at the event, Secretary General of Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, lauded initiative of the expansion while recommending inclusion of financial institutions like the Central Bank of Nigeria(CBN), African Development Bank (AfDB) and key financial institutions that will contribute meaningfully to realising the country’s Blue Economy objective.

Aside maritime agencies like Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency, Maritime Academy of Nigeria, the expanded committee also comprised of 10 state governors including Rivers, Lagos, Delta, Akwa Ibom, Borno, Ogun, Ondo, Cross River, Bayelsa and Edo States.

Other members are Ministers of Foreign Affairs,Power, Finance, Environment, Trade and Investment, Agriculture and Water Resources , Chief of Naval Staff, Comptroller General of Customs, Lake Chad Basin Commission, Nigeria Economic Summit Group and others.

Tags: Economy
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
Economy/Technology

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

June 6, 2025
Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Next Post
July petrol pump price ranges between N140.80 and N143.80

No removal of petroleum subsidy - Senate President

Trading in Nigerian stock market dips further N83bn

Stock market rebounds by 0.58%

Recommended Stories

Infrastructure gulp N2,7tn in Nigeria

Umahi seeks N217bn to fund 260 roads, 8 roads, bridge

October 6, 2023
Nigeria targets $1.2bn export capacity for every state

NEPC seeks increased financing for exports

February 18, 2024
Vulnerable Nigerian farmers to get $1m grant

Group set to award excellence in Nigeria’s Agric sector

October 31, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigeria’s 3MTT gets boost as EU, World Bank back initiative
  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us