'Indeed, despite its fiscal constraints—and to echo the theme of this year’s World Ocean Day—Nigeria can turn the tides (partly) by developing its blue economy.'
A few years ago, while investigating the underlying causes of the disappearance of certain fish species in the Nigerian Ocean, I was struck by the ripple effect of our neglect of the ocean and the economic potential inherent in the blue economy.
Researchers estimate a loss of 1-5 per cent in marine ecosystem services due to plastic pollution, and the reduction equals a loss of about $500 billion to $2.5 trillion per year. Earlier in 2018, the World Economic Forum noted that Nigeria was estimated to have discharged 200,000 tons of plastic waste into the ocean, which should have been converted into wealth. Plastics impact fisheries through the dumped catch, fouling incidents, net repairs and time lost cleaning nets, among other limitations.
According to the United Nations, the ocean produces at least 50 per cent of the planet’s oxygen and is home to most of Earth’s biodiversity. It also provides the main source of protein for more than a billion people worldwide, just as it is central to the global economy, with an estimated 40 million people being employed by ocean-based industries by 2030.
Beyond such initiatives, World Ocean Day also presents an opportunity for cash-strapped Nigeria to think through its blue economy agenda and how best to maximise its potential to engender growth, create opportunities across the value chain, protect the oceans, create new jobs, and stimulate the economy. For far too long, the nation has failed to tap into the vast potential available in the ecosystem as a means to shore up dwindling oil revenue.
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