Blue Economy and Foreign Direct Investment to Maritime Nations

Abstract

The blue economy provides a unique opportunity to policymakers in Nigeria to diversify the economy by exploiting ocean resources to attract foreign direct investment and generate foreign exchange. The chapter adds to the existing body of knowledge by discussing the nexus between the blue economy and foreign direct investment (FDI). Three key issues were articulated in the chapter. First, the blue economy has the potential to provide an opportunity for Nigeria to develop and exploit the diverse ocean resources while protecting and conserving endangered marine resources. Secondly, the transition to a blue economy presents some challenges; hence, the policymakers need to develop ocean governance and policies for strengthening its realisation. LastlySecond, the blue economy enhances wealth creation and youth employment in different ocean-related industrial activities such as shipping, shipbuilding and repair, fisheries, ocean mining, sustainable energy development, biomedical, innovative industries shipbuilding, and repair and port services, amongst others.