Blue Economy and Foreign Direct Investment to Maritime Nations: Lessons for Nigeria

Introduction

Nigeria preference of oil sector over agriculture in the 70`s has done worse than good. Relentless efforts by policy maker in diversifying to other sectors as most preferable source of generating foreign currency are daunting. Blue Economy has played and continued to play significant role in developed maritime nations which gave hope to other developing nations Nigeria inclusive. One of the things BE capable of bringing to the table is ensuring youth employments and thus proffering solutions to youthful exorbitance. It enables youth to be gainfully employed in different ocean-related activities which further aid in ensuring food availability and securing enough food thus putting end to hunger. Other vital role played by BE are employment opportunities in sustainable energy, natural resources and innovative industries such as ship owning and operating, supply of trained sea personnel, ship recycling opportunity, shipbuilding and repair and port services, among others. The coastline of our dear country is estimated approximately 870 km with over 3,100 kilometres of inland waterways well-endowed with natural resources like petroleum, natural gas, tin, columbite, coal, zinc, limestone, iron ore, lead to mention but little. Aside agriculture which was perceived as the current means of livelihood, BE possessed greater opportunities to change the narrative of Nigeria economy overnight. According to Abdullahel (2017), BE relevance not only to the food chains as a means of sustainability but also render ecosystem and biodiversity, and assist in climate regulation for Nigeria population earmarked to be 400million by 2050. According to the United Nations Environment Programme (2015), some of the key benefits that Blue oceans provided include: ensuring food security and food abundance, natural oxygen and means of sustainability. The BE still encountered series of challenges despite its economic value. Challenges such as compartmentalization of ocean, activities of the coastal and marine industries, i.e., emission and pollution of the ocean, to the harmonization of traditional economic activities.

This chapter is significant for several reasons. Human economic activities and development approaches put at risk the ability to maintain the marine environment for the purpose of providing jobs opportunities and nutrition in the long-run. Blue economy presents several opportunities to the maritime nations (developed and developing) few of these include integrating sustainable development and growth that benefits local communities, coastal states, and the global economy. Blue Economy is devoted to delivering services and values that benefit local communities, coastal states, and the world economy at large. In a bid to benefit the wellbeing of all citizens and mankind, a country must achieve long-term prosperity while preserving the environment, most importantly the oceans. It is indisputable that oceans and seas are vital for sustainable development because the earth's surface is covered by water. The key goal of this paper is to analyse the concept of Blue Economy and how it can be harnessed to benefit the society and ensure sustainable development. The chapter examines the importance and principles of blue economy and offers recommendations, it suggested possible solutions to Blue Economy bottlenecks. The recommendations from this paper will be of immense benefits to policy makers in changing their perception about BE and its underlying benefits.