The Minister of Marine and Blue Economy, Adegboyega Oyetola, says current administration is considering a new strategy to drive the national economy through the utilization of the Blue Economy.
Oyetola, spoke at a national stakeholders' consultation and validation workshop, organized by AU-IBAR, in Abuja on Monday.
The Minister, represented by the permanent secretary of the ministry, Olorunola Olufemi, said there was need for strengthened and expanded partnership as part of efforts to harness the huge potentials of the national marine resources.
He said the review of the draft strategy document for the Marine and Blue Economy sector, is coming at a time when the current administration is harmonizing governance structures, developing strategies and plans of action for promoting blue economy development initiatives.
He noted that the Blue Economy draft strategy would provide a comprehensive framework for harnessing the potential of the country's oceans while safeguarding its health for the present and future generations.
He said: "As we all are aware, the blue economy presents significant challenges and promising opportunities for sustainable development. One of the greatest challenges lies in balancing economic growth with environmental conservation.
"Over-exploitation of marine resources, habitat destruction, pollution, and climate change threaten the health and resilience of ocean ecosystems. Addressing these challenges requires concerted efforts to promote responsible resource management, mitigate environmental impacts, and build resilience to climate change.
"However, within these challenges lie significant opportunities. The blue economy has the potential to drive inclusive growth, create employment opportunities, and alleviate poverty, particularly in coastal and island communities.
"By harnessing the vast potential of our oceans sustainably, we can unlock new sources of economic value, such as fisheries, aquaculture, marine tourism, renewable energy, and biotechnology. Furthermore, investments in research, innovation, and technology can unlock new solutions for ocean conservation, resource efficiency and climate resilience, paving the way for a more prosperous and sustainable future.
"We shall be assessing the draft strategy document through engaged insightful discussions, exchanging knowledge and experiences that will forge partnerships to chart a course towards a more sustainable and prosperous future.
"This will enhance exploration of innovative solutions that will birth identified best practices for actionable strategies tailored to our unique contexts and the actualization of a more comprehensive strategy document that will also address the identified challenges."
Also speaking, the Director of AU-IBAR, Dr Huyam Salih, said that while the Blue Economy has been identified as a potential game changer for Africa's sustainable socio-economic development, stressing the need for the formulation of blue economy strategies at national and regional levels of the continent.
He said: "The African Union Ministers at the 3rd session of the Specialized Technical Committee (AUC - STC) in October 2019 recognized this potential and therefore charged the African Union to support awareness enhancing, capacity building on blue economy concept as well as the formulation of blue economy strategies at national and regional levels of the continent.
"Consequently, AU-IBAR, with support from the Kingdom of Norway, embarked on the process of actualizing the recommendations of the Hon. Ministers. Awareness enhancing workshops were conducted by AU-IBAR at regional and continental levels on blue economy concepts and marine spanning as a tool for sustainable blue economy development.
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"In this current phase we are providing technical assistance to 2 RECs (Arab Maghreb Union [UMA]) and Community of Sahel-Saharan States [CEN-SAD]) and 6 selected AU MS namely Angola, Botswana, DR Congo, Libya, Nigeria, and Sudan. Previously we had supported East African Community (EAC), Common Market for Eastern and Southern Africa (COMESA) and the Economic
Community of Central African States (ECCAS) as well as Madagascar, Somalia and Burkina Faso in a similar manner.
"It is pertinent to note that this support for the development of National and Regional Blue Economy Strategies is an ongoing exercise in a systematic fashion; thus, eventually it is anticipated that all AU Member States and RECs that are in need would receive this support from AU-IBAR within the framework of the Kingdom of Norway Support to the implementation of the Africa Blue Economy Strategy."
