HeadlinesNews MOWCA seeks CBN, AFDB’s participation in realising Blue Economy Objectives By maritimemag January 19, 2022 ShareTweet 0 Abiola Seun The Secretary General, Maritime Organisation of West and Central Africa (MOWCA), Dr Paul Adalikwu has advocated for the inclusion of financial institutions in the realization of Nigeria’s blue economy objectives. Speaking at the inaugural meeting of an Expanded Committee on Sustainable Blue Economy in Nigeria in the Presidential Villa, Dr Adalikwu argued that inclusion of the Central Bank of Nigeria (CBN), African Development Bank (AfDB) and other key financial institutions will see to the realization of the blue economy objectives. On his part, Vice-President Yemi Osinbajo also sought for wider participation of relevant stakeholders in the blue economy project to deepen participation and benefits of Nigerians from the country’s marine resources. Osinbajo said a viable blue economy project will offer vista of opportunities not only for littoral states where there are bodies of waters but for the entire country. He identified areas to be exploited including ports, terminals, fishing, training, environment, tourism, power,oil and gas . While identifying possible challenges of sustainability, the Vice President urged all the ministries, departments and agencies to strengthen their collaborations in an atmosphere of inter ministerial working groups and advised all members to attend the meetings faithfully for maximum results. Osinbajo , who formally inaugurated the expanded committee, identified the need for a legal framework that will be more robust than other international maritime conventions on blue economy which Nigeria has been signatory to. He said the scope and participation of the committee will be further improved upon to accommodate more members from government agencies and relevant private sector stakeholders. Osinbajo said “There is no doubt that the blue economy is a new frontier for economic development and a means of diversifying the economy through the use of resources from oceans,seas, rivers and lakes for the well being of the people. “It also provides positive contribution to the achievement of the Sustainable Development Goals(SDGs) 2052 Africa Integrated Maritime Strategy (2052AIM) and the UN 2030 agenda “This concept for economic diversification is promoted by the international community and provides friendly means of livelihood in line with this administration’s agenda on job creation “The ocean economy as an emerging economic frontier applies to ocean based industry activities and the assets,goods and services of marine ecosystems. “Countries have to define the scope of their blue economy based on their priorities. For example,in Bangladesh, the ocean economy consists of the following broad and growing economic sectors; living resources, minerals,energy, transport trade, tourism and recreation, carbon sequestration and coastal protection. These industries and ecosystem services do not develop in isolation, but rather interact as an economic ecosystem” the VP said. In his opening remark,Transportation Minister, Rotimi Amaechi said the blue economy is capable of improving government revenue, create employments and grow the gross domestic product of Nigeria. Amaechi who was represented by Dr Magdalene Ajani, Permanent Secretary of the ministry also expressed optimism in the copious benefits derivable from a well exploited marine environment. © 2022, maritimemag. All rights reserved.