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Sunday, November 27, 2022

VP Osinbajo inaugurates Blue Economy Committee

President Muhammadu Buhari’s government intends to expand on the economic prospects offered by Nigeria’s maritime and marine resources. 

On Monday at the Presidential Villa, Vice President Yemi Osinbajo launched an Expanded Partnership Committee on Sustainable Blue Economy. 

The group, which is led by Professor Osinbajo, is made up of state governors, numerous ministers, military and security agency officials, and other private sector members. 

The Blue Economy is the long-term exploitation of ocean resources for economic growth, better livelihoods, and jobs while conserving ocean ecosystem health. Emerging renewable energy, seabed extractive operations, and marine biotechnology and bio-prospecting are among the topics covered. 

“The blue economy offers a whole new vista of possibility for economic activity, particularly in locations near seas, rivers, and beaches, but more significantly, possibly the whole country, because nearly everywhere has some body of water that can be used.” Professor Osinbajo 

“It contains representatives from the States and the geopolitical zones, agency representation, Chief of Naval Staff, Comptroller-General of Customs, NIMASA, and numerous other agencies, Ministry of Industry, Trade and Investment, Ministry of Power, Ministry of Petroleum, and Ministry of the Environment are among the other ministries.” The Vice President added of the committee’s makeup. 

“Because we are dealing with ports and terminals, oil and gas, the environment, tourism, hospitality – a broad spectrum of economic activities that are tied to what is characterized as the Blue Economy, there will be multiple agencies and several interactions across institutions.” He speaks. 

Governor of Borno State, Prof. Babagana Zulum; Minister of Industry, Trade and Investment, Otunba Adebayo; Minister of State for Environment, Sharon Ikpeazu; Minister of State for Power, Godwin Agba; and the Transportation Minister’s representative, Dr. Magdalene Ajani, Permanent Secretary, Ministry of Transportation, were all present at the inauguration.  

Others include Rear Admiral Awwal Zubairu Gambo, Chief of Naval Staff; Col. Hameed Ali (Rtd), Comptroller-General of Customs; Dr. Bashir Jamoh, Director-General of NIMASA, and private sector representatives. 

The Committee’s mandate includes assessing current realities, opportunities, and challenges for economic diversification and the development of a sustainable blue economy in Nigeria, as well as identifying and reviewing relevant policies and institutional/capacity-building mechanisms for blue economy development in Nigeria.  

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