Challenges and Prospects of the Deployment of Blue Economy in the Coastal Areas of Ondo State

Abstract

The coastal region of Ondo State, South-western Nigeria is located within the geographical coordinates of Latitude 6 21’0” North and Longitude 4 46’o” East. It is the longest coastal line in Nigeria and blessed with marine resources waiting to be exploited. The Blue Economy (BE) is an economic model proposed by Gunter Pauli that lay emphasis on economic activities that depends on the sea and associated sectors, including fishing, transportation, tourism, maritime and energy. Blue Economy growth supports the sustainable growth of the maritime and marine sectors as the oceans and seas are engines of the global economy and have great potential for growth and development of the coastal areas in particular and the nation at large. Apart from oil that are found in the area, other minerals associated with marine are also found in the coastal area under study and the natural environment of the area is particularly suitable for tourism and hospitality. The natural occupation of the people in this area is fishing and the fishing method presently being used is obsolete and cannot guarantee the well-being of the people. Beside oil that is being explored others resources and minerals are yet to be maximally harnessed. Despite the availability of marine resources in this area, the Blue Economy strategies and components are yet to be fully deployed. This research, therefore aims at identifying the different types of economy models in place in the area, undertake comparative analysis of these models with the goal of identifying their strengths and weaknesses relative to Blue Economy, resources available in the area, level of utilization of these resources and prospects of deployment of Blue Economy in order to achieve the sustainability growth of the coastal areas