Senior Advocate of Nigeria, Olisa Agbakoba, emphasized that the Federal Government could generate an annual revenue of ₦8 trillion from the marine and blue economy by tapping into various sectors within the industry.
He pointed out that previous development plans had neglected this sector, despite it being larger than oil and gas in terms of potential.
The establishment of a ministry focused on marine and blue economy is seen as an opportunity to develop policies to harness this significant economic potential that had been overlooked for too long. Reports suggest that Apapa ports alone could contribute ₦20 billion daily, amounting to about ₦8 trillion annually.
Kolawole Johnson noted that President Bola Ahmed Tinubu's creation of the Ministry of Marine and Blue Economy is a game-changer, unlocking the untapped potential of the blue economy. Stakeholders believe this move could potentially generate over ₦7 trillion annually, benefiting the entire nation.
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