The Chairman of SIFAX Group, Dr. Taiwo Afolabi, on Friday said Nigeria has not fully augmented the potential of the blue economy for increased employment of future generation.
Dr. Afolabi disclosed this, while delivering the 16th Convocation Lecture of Ladoke Akintola University of Technology, Ogbomoso held at the A. M. Salau Senate Building (Council Chamber), LAUTECH, Ogbomoso oso on the topic “Towards a sustainable blue economy and marine development in Nigeria: trends, challenges and prospects”, noted that the country has many untapped opportunities in the maritime sector.
He said developing the country’s blue economy is now more imperative than ever due to the government’s policy of moving away from the largely one-product economy that Nigeria has been running for decades.
He said: “Serious attention should be devoted to the development of our coastlines by the government as this could spur huge recreational and economic activities around such localities. Coastal tourism development has the potential to provide socio-economic benefits to Nigeria, especially during this period when the Nigerian government is trying to diversify the economy from being a predominantly crude oil-based economy to a multi-product economy, which can withstand the volatility in oil prices in the world market.
One other lucrative sector within the blue economy concept is the opportunity for harvesting renewable energy. Renewable energies, such as wind, solar, hydro, and tidal energy, are energy alternatives to fossil fuels that can contribute to reducing the carbon footprint of the maritime sector.
“Offshore wind energy is also a real and promising form of renewable energy generated by offshore wind turbines, which makes it possible to take advantage of strong ocean winds for electricity generation later exported to land where it is consumed in several economic activities. In turn, solar energy can be used in power navigation and communication ships’ systems and equipment and those of other floating structures.
He, however, among others, highlighted human exploitative activities, rising insecurity and effect of climate change. and improvement of Maritime safety and security.
