Blue economy can redefine sustainable growth in Nigeria’s GDP, says Oyintiloye

By Deborah Oladejo, Osogbo

A Chieftain of All Progressives Congress (APC) in Osun State, Hon. Olatunbosun Oyintiloye, has appealed to President Bola Tinubu, to give maximum support to the development of blue economy and make it an alternative to crude oil in terms of revenue generation.

Oyintiloye, who made the appeal on Sunday in Osogbo, said that  harnessing potentials of the marine and blue economy sector  was capable of redefining  sustainable growth in National Gross Domestic Product (GDP).

He said that with the projection by Alhaji Gboyega 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.

The ex lawmaker 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.

His words: I want to commend the president for the creation of 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 dwindling economy and reduce over dependency on crude oil”, he said.

Oyintiloye, a former lawmaker said that investing in marine and blue economy sector would yield a multitude  compelling benefits.

According to him, ” 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. 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”

Oyintiloye, who commended Oyetola for what he is doing to tap the blue economic potentials in the sector, said that in no distance time, Nigeria would start to reap the benefits of the marine economy for all round growth.

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