NIMASA Laments Global Underfunding of Blue Economy Sector
The Nigerian Maritime Administration and Safety Agency (NIMASA) has expressed concern over the global underfunding of the blue economy sector, emphasizing that the maritime industry holds untapped potential capable of driving economic growth and creating millions of jobs.
Speaking at a recent stakeholders’ forum, NIMASA officials noted that despite the ocean covering more than 70% of the earth’s surface and serving as a hub for trade, transport, energy, and tourism, the sector continues to receive inadequate financial attention both locally and internationally.
The agency explained that countries like Nigeria, with vast maritime resources, risk losing out on massive revenue opportunities if more investments are not channeled into infrastructure, research, security, and manpower development within the blue economy.
According to NIMASA, the blue economy has the potential to diversify Nigeria’s economy, reduce over-dependence on crude oil, and position the nation as a key player in global maritime trade. However, underfunding, poor policy implementation, and insecurity in the Gulf of Guinea remain major challenges.
The agency called on both the government and private sector to prioritize investment in the maritime space, including shipping, fishing, marine biotechnology, renewable energy, and coastal tourism. NIMASA stressed that with the right funding and strategic partnerships, the blue economy could become one of the most sustainable contributors to Nigeria’s GDP.
