Adeyeye made the disclosure at the First Distinguished Public Lecture of the Centre for Blue Economy and Innovation, Olusegun Agagu University of Science and Technology (OAUSTECH), Okitipupa, Ondo State, held at the Main Campus of the institution on Tuesday, 19th August, 2025.

Speaking on "Imperative of the Blue Economy in Driving Nigeria's Economic Development", NPA boss argued that Blue Economy is not a distant dream but a present opportunity that can transform Nigeria's economy into engine of prosperity with strategic investment, strong governance and sustainable practices.

Speaking further, he hinted that a recent NIMASA report revealed that there was up to 296 billion dollars untapped wealth for Nigeria alone from the Blue Economy. He stressed that, as a matter of urgency, it was crucial that the country's leadership should redirect its policies to the realization of the unlocked fortune to create massive employment and empower the teeming unemployed population of the Nigerian youth.

The former Senator, therefore, lauded President Bola Ahmed Tinubu's initiative and foresight in creating the Ministry of Marine and Blue Economy, which he noted, was unprecedented in the country's history and had high potential of transforming Nigeria's economic fortunes.

"The 21st century has ushered in new economic frontiers and among the most promising of this is the Blue Economy, which is the sustainable use of ocean and other water resources for economic growth, improved livelihoods and job creation while preserving the health of aquatic ecosystems."

Nigeria, with its over 853 km coastline, over 200 nautical miles, exclusive economic zone, navigable inland waterways and rich marine biodiversity, is uniquely positioned to harness these resources. Despite these blessings, the sector remains largely underdeveloped," he lamented.

"The UNDP has estimated the global Blue Economy to be worth 2.3 trillion dollars per annum with more than 3 billion people relying on the ocean for livelihood and survival. Therefore, Nigeria cannot afford to miss her own share of the 2.3 billion dollars that the Blue Economy presents."

"If a country like Morocco earns almost the total budget of Nigeria annually from fishery alone, this must be considered and studied by Nigeria to take maximum advantage of the Blue Economy," the former minister of state posited.

Adeyeye in his elucidation described the Blue Economy as wealth generating activities related to the ocean, seas, coastal environment and inland waterways across the world. Adding that activities of the Blue Economy included maritime transport, port services, fisheries and aquaculture, tourism and recreation, offshore renewable energy, seabed mining, marine bio-technology, ship building and repair, coastal agriculture and wetland resources among others.

The former Ekiti State SUBEB executive chairman identified some of the challenges militating against the Blue econtomy in Nigeria as poor vision and direction, institutional framework, insecurity in the Gulf of Guinea, piracy and kidnapping of seafarers, environmental degradation, corruption and corrupt practices, especially within the administrative and security circles, poor maritime governance and overlapping of regulatory agencies, inadequate infrastructure in ports and water ways, poor data on marine resources and inadequate educational framework to develop manpower for the Blue Economy.

He maintained that the challenges were not insurmountable, arguing that if Nigeria and Nigerians would fully buy into and strategically develop its Blue Economy, there would be food security and nutrition boost, economic diversification, massive job opportunities, wealth creation, poverty reduction, regional trade competitiveness, environmental sustainability and economic independence that would automatically take Nigeria away from oil dependence that had made the country vulnerable to perennial price shocks.

"With our vast coastal lines, offshore wind, tidal and wave energy currently wasting away, Nigeria can generate cheaper environmental friendly and reliable power for our domestic use and extension to our West African neighbours to earn robust foreign exchange."

Concluding, the former Governing Council chair of Ekiti State University enjoined the federal government to develop the coastal lines by providing necessary infrastructure, facilitate the establishment of dockyards, ship building and maritime technology hub to enhance technology transfer, deepen the security and the maritime architecture, promote tourism and entrepreneurship in the sector, improve regional and international collaboration by templating best practices, establish more maritime and marine technology training schools and institutions and develop a policy framework that will promote the realization of sustainable ocean and water wealth.

In his remarks, the Deputy Governor of Ondo State, Dr. Owolabi Olaide Adelami, represented by the Deputy Chief of Staff, Dr. Adekola Falodun, enjoined the good people of Ondo State and Nigeria to take full advantage of the presidential initiative by supporting the government of the day in driving the Blue Economy in Nigeria.

Similarly, OAUSTECH's Vice-Chancellor, Prof. Temi Ologunorisa, emphasized the need for government, the people and the industry to concentrate on maximizing ocean resources, as resources on the land are fast diminishing.

The world-class professor of Climate Science submitted that the University had keyed into the bigger agenda of President Bola Ahmed Tinubu on Blue Economy and maritime exploration through its ongoing School of Maritime Transport and Logistics to provide the required high-level manpower to drive this new economy of the world.

"If OAUSTECH is to become a leader in the development of the Blue Economy in the country, we need to bring captains of industries, who have made substantial progress in the area to interface with us for the needed collaboration, exchange of ideas and experiences."

Ologunorisa, therefore, advised the Ondo State Government to domesticate President Tinubu's agenda on the Blue Economy by creating the Ondo State Ministry of Blue Economy and Marine Resources for the development of its vast coastal lines for a more prosperous Ondo State.

In her welcome address, OAUSTECH's Director, Centre for Blue Economy and Innovation, Prof. Funmilola Agbebi, stated that the distinguished lecture offered the opportunity to reflect on how Nigeria could balance her economic growth, collaboration, social inclusion and insightful environmental sustainability in the management of the country's vast Blue resources.

The epoch event was well attended by policy makers, scholars, captains of industries, security agencies, traditional rulers, maritime stakeholders, financial institutions, and staff and students of the University, among others.

Source : OAUSTECH Directorate of Information Protocol and Public Relations