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Revenue: APC chieftain urges Tinubu to give support to blue economy  

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A Chieftain of All Progressives Congress in Osun State, Hon. Olatunbosun Oyintiloye,  has appealed to President Bola Tinubu to give maximum support to the development of blue economy and make it  an alternative to crude oil in terms of revenue generation.

Oyintiloye, a member of the defunct APC Presidential Campaign Council (PCC), made the appeal while speaking with newsmen on Sunday in Osogbo, the state capital.

The APC chieftain said that harnessing potentials of the marine and blue economy sector was capable of redefining sustainable growth in National Gross Domestic Product (GDP).

Oyintiloye said that with the projection by Alhaji Gboyega Oyetola, the Minister of Marine and Blue Economy, the blue economy could generate $20 billion annually and also create two million jobs, thus  adding big value to  the country’s economy.

The ex-lawmaker also said experts have also projected that the untapped potential within the marine and blue economy sector is believed to be worth staggering $296 billion.

“I want to commend the President for the creation of Ministry of Marine and Blue Economy. With the huge potential embedded in it, I believe if well tapped, it can serve as an alternative source of revenue generation for the country.

“And that is why we need to unlock the potentials in the marine and blue economy to revamp dwindling economy and reduce over dependency on crude oil”, he said.

Oyintiloye, a former lawmaker, said that investing in marine and blue economy sector would yield a multitude  compelling benefits.

“Not only will it diversify and stimulate economic growth, but it will also play a pivotal role in enhancing marine health and safeguarding oceanic ecosystems.  By fostering sustainable livelihoods, generating employment opportunities, and bolstering ocean tourism, blue economy will  preserve our oceans, while fortifying communities against climate change impacts”, he said.

“Identified fishing as one of the low-hanging fruits and an area the government has to look into and harness by getting  more Nigerian fishing trawlers into the fishing business to stem capital flight and retain value locally,”

“He said Nigeria needs to develop a robust maritime educational curriculum that takes technology, trends, and the dynamic nature of the industry into cognizance”

Oyintiloye, who commended Oyetola for what he is doing to tap the blue economic potentials in the sector, said that in no distance time, Nigeria would start to reap the benefits of the marine economy for all round growth.

He, however, said that in order to establish a sustainable development in the ector, it is essential to develop an economic and financial system capable of directing financial resources towards activities related to the ocean like maritime shipping, fishing and aquaculture, coastal tourism, renewable energy, water desalination, undersea cabling, seabed extractive industries and deep sea mining, marine genetic resources, and biotechnology.

Oyintiloye said that with various ongoing economic policies put in place by the President, Nigerians would smile again.

He said: “Nigeria economy will feel positive impacts if activities related to the ocean like maritime shipping, fishing and aquaculture, coastal tourism, renewable energy, water desalination, undersea cabling, seabed extractive industries and deep sea mining, marine genetic resources, and biotechnology recieve right investment. This can be done by directing people’s attention to it. Government and individuals must begin to see this sector as the one having huge opportunities for investment and take up the initiative”.

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