Expert Projects Nigeria’s Blue Economy to Hit $20bn by 2035

Blessing Ibunge in Port Harcourt

Singaporean chemical engineer and clean energy technologist, Chandni Jaga, has said that Nigeria’s blue economy can generate at least $20 billion by 2035.

She stated this while making a technical presentation via zoom at the 14th annual conference of the Nigerian Institution of Maritime Engineers and Naval Architects (NIMENA) held in Port Harcourt, capital of Rivers State, yesterday.

Highlighting strategies for driving innovation in the maritime and blue economy eco-system, Jaga suggested the adoption of an open innovation model and enactment of business-friendly policies, favourable tax systems and a favourable monetary policy to attract investment into the sector.

“A lot of these policies can be implemented in Nigeria at various levels,” she said, adding that digital technological tools should be incorporated to drive the vision.

National Chairman of NIMENA, Eferebo Sylvanus, said that digital maritime revolution represents an opportunity to reposition Nigeria’s blue economy as a central pillar of national growth, diversification and global competitiveness.

“It is the pathway through which we can optimise our ports, enhance inland waterway logistics, expand ship building and repair capacity and build resilient digital infrastructure that supports real-time decision making and sustainability,” he said.

The NIMENA national chairman disclosed that Nigeria could generate N1 trillion annually from the blue economy, noting that the maritime sector holds the key to Nigeria’s prosperity.

“Nigerian blue economy is the key to unlocking unlimited potentials for Nigeria. If you want to solve unemployment issues in this country and create enormous wealth Nigeria has one of the most active maritime sectors in terms of oil and gas activity. We have a long span of coast line, about 850 kilometre coastline.

“Our inland waters alone are spanning up to 10000 kilometres. This is a huge potential. To crown it all, we also have young talent.  So, the problem we have is not talent; the problem we have is a structured pathway. So this conference is an avenue to be able to showcase what we have in the blue economy,” he added.

Ibiba Douglas, a chartered maritime engineer, in his technical presentation, emphasised the urgency for adoption of smart technology to transform Nigeria’s maritime sector in order to realise the full potentials of the blue economy.

He noted that smart technology has become a vital factor in the current global economic system.

“Application of smart technology is expected to increase rapidly in the near future, opening up new frontiers,” he asserted.

The conference, which has as a theme, ‘Digital Maritime Transformation and Smart Solutions: A Pathway to the Advancement of Nigeria’s Blue Economy’, featured panel sessions, questions and answers.