The Ohanaeze Youths, a socio-cultural group, have expressed their belief that the nation stands to gain from the global blue economy, valued at over $1.5 trillion annually, following President Bola Ahmed Tinubu’s establishment of the Marine and Blue Economy Ministry.
In a statement jointly endorsed by its leaders, Nwabueze Obi and Ekwem Eucharia, the group also commended the President’s decision to appoint Hon. Olubunmi Tunji-Ojo as the Minister responsible for overseeing this new Ministry.
They are optimistic that under Tunji-Ojo’s leadership, Nigeria will no longer experience annual revenue losses resulting from the underutilization of its ocean resources.
The statement read: “Nigeria will benefit from $1.5 trillion world Blue Economy with the creation of Marine and Blue Economy Ministry by President Bola Ahmed Tinubu. Blue economy is marine-based economic developmental process which leads to improved well-being through sound management of marine resources, fisheries, aquaculture, tourism, transportation, and maritime and inland ports.
“However, despite the massive resources in the blue economy which involve marine transportation and exploitation of living and non-living resources in the maritime environment, it has been revealed that Nigeria’s maritime sector is losing trillions annually due to its inability to exploit this resource base.
“Stakeholders have argued that harnessing the ocean blue economy would help to reduce African poverty and enhance food and energy security, employment, exports and economic growth. For instance, in 2009, exports from Nigeria were $80.1 billion and N49 billion as the goods were carried on Freight on Board (FoB), whereas imports to Nigeria stood at $942.3 billion and 33.9 billion and these were carried on Cost insurance and Freight (CIF). Evidently, the economy lost the maritime insurance and freight elements of both our export and import trade worth $122.4 billion in 2008 and $82.9 billion in 2009. We commend President Tinubu for finally creating this long overdue ministry, this will also create jobs for our youths.”
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