THE NIGERIAN BLUE ECONOMY: ECONOMIC EXPANSION ISSUES AND CHALLENGES

Abstract

The land is deteriorating. Now we’ll look at the oceans. With the continued loss of terrestrial resources and the need for major economic gains, littoral states have increased their efforts to achieve a “blue economy.” Nigeria, as a country with a large number of littoral component states and long waterways, has not been left out in this pursuit, making the creation of a Nigerian blue economy a need for the country’s benefit. The pursuit of a blue economy, on the other hand, goes beyond national borders and takes on an international dimension. The blue economy, also known as the marine economic system, is an ecosystem of economic activities centered on commerce and action in and around huge bodies of water, such as oceans, that are continued to survive ecological responsibility. Fishing, wastewater treatment, tourism, seaside hotels and restaurants, power (wind energy and tidal power), and transportation are all part of the economy (ships, bargers, rigs, and other floating vessels). In value terms added and employment, the “Blue Economy” might outperform the world economy as a whole. Around the world, blue economy activities and ideas are showing to be varied, vibrant, and broad. As a result, this debate emerges, with the goal of determining how this ideal of a Nigerian blue economy may become a reality.