On the last day of January which happens to be the first day of the fifth week in 2022, Business Edge turned its attention to the Prospects of West Africa’s Blue Economy. Tolulope Adeleru-Balogun was joined by Gbolahan Olojede, Executive Director DMA Advisory and Management Services Limited.
Long been touted as a viable alternative to oil and other mineral resources Africa is largely dependent on, the concept of the blue economy has not been effectively deployed in West Africa and this formed the basis of the conversation on Business Edge.
Blue Economy: Myth or Reality?
The Blue Economy is a term related to the exploitation, preservation and regeneration of the marine environment. Basically, it is taking advantage of water resources, mainly the sea, for economic development. It can span across several sectors such as maritime travel, aquaculture, tourism, waste management and so on. As the oceans cover more than 70% of the earth’s surface, it is inevitable that various forms of the economy would be affected by this enormous and endless resource. Mankind has already explored the globe on water, carried out business transactions through the world’s waterways; however, it wasn’t until 2012 that it was introduced as a codified goal for sustainable global development. The World Bank defines it as the sustainable use of the ocean resources for economic growth, improved livelihoods and jobs, as well as ocean ecosystem health.
Thirty-eight of Africa’s fifty-four states are coastal and for these countries, the blue economy is not a vague phenomenon. Gbolahan Olojede says “We (African countries) have not paid much attention to the ocean economy and we even started to pay attention, we were focused on the petite economic side of it. There is a bigger picture.”
Why West African Countries Should Pay Attention
Coastal cities, ports, coastal agriculture, industries and fisheries account for 56% of Africa’s GDP. “It is amazing how much water West Africa has at its coast,” says Olojede. “The Atlantic, the entire Gulf of Guinea, etc. But how much of this have we put to use?”, adding also that the port operations in Nigeria are an example of how underutilized the water resources are.
Needless to say, the opportunities inherent in proper exploitation of the blue economy beyond subsistence aquaculture and pockets of mining are huge. Both the African Union and the African Development Bank have identified the blue economy as Africa’s future. According to Gbolahan Olojede on Business Edge, there have to be concerted efforts by African governments to execute the policies formulated.
Nigeria’s Potential and Strategy
“In Nigeria, I’m not aware of many policies in line with the blue economy. Even in Lagos the (commercial) capital city, the blue economy that is associated with transportation has not been harnessed… meanwhile our roads are congested,” Olojede continued. He recommends too that West African governments consult global, African Union and ECOWAS documents which have the blueprint to creating a roadmap for the implementation of the blue economy.
Watch the full episode with Tolulope Adeleru-Balogun is above.