Blue Economy: A Tool for Sustainable Development for the Nigerian Nigeria

Abstract

Nigeria has been included in this endeavor due to its many littoral component states and a lengthy waterway, therefore developing for the country's economy to grow and develop successfully, Nigeria's blue economy is vital. The goal of a blue economy has a worldwide scope and transcends national boundaries. Alternatively is often referred to as the marine economic system, the blue economy is an ecosystem of economic activity that revolves around huge bodies of water, particularly oceans, and is preserved to fulfill ecological obligations. This paper theoretically examined the blue economy's economic benefits for Nigeria's sustainable growth. There are many opportunities as to the nation's blue economy in terms of the economy, society, and environment, despite its challenges. The study noted that one tool for sustainable development is the blue economy in Nigeria through a smooth trilateral approach that includes; “people, planet and prosperity” which could only be achieved with a strong political will. It was then recommended that in order to solve and transform the socioeconomic, political, legal, institutional, security, and sustainability problems into opportunities, there needs to be significant collaboration among the different stakeholders. It was concluded that a well-defined vision for the Nigerian Blue Economy are essential for a smooth blue transition toward sustainability with positive impact.