Blue Economy: Challenges and Contributions of the Fisheries and Aquaculture Sub-Sector in Boosting the Nigerian Economy

Abstract

The concept of the blue economy encapsulates the sustainable use of ocean resources for economic growth, improved livelihoods, and job creation, while preserving the health of ocean ecosystems. Nigeria, with its vast aquatic resources, stands to benefit immensely from the blue economy, particularly through its fisheries and aquaculture sectors. Despite the recognized potential of Nigeria's fisheries and aquaculture sectors, their contributions to the economy are below expectations. The country is yet to fully optimize its marine and inland water resources, resulting in continued dependence on fish imports to meet domestic consumption needs. This paper adopts a qualitative approach, drawing from a range of secondary data sources, including reports from the Food and Agriculture Organization (FAO), World Bank, and Nigerian Federal Ministry of Agriculture. Key data on fisheries and aquaculture production, employment, and trade were reviewed to assess the sector’s contribution to the Nigerian economy. Additionally, interviews with stakeholders in the fisheries and aquaculture sectors were conducted to identify challenges and potential solutions. Statistical data on fisheries production, trade, and environmental degradation were analyzed to provide a comprehensive view of the sector's current status and future prospects. The results of the review showed that blue economy has many prospects in Nigeria. It also discusses challenges such as overfishing, environmental degradation, and policy constraints that hamper optimal performance. Recommendations are made for leveraging these sectors to promote sustainable development within the blue economy framework such as development of national plan of action for capture fisheries and aquaculture, strengthening regulatory framework among others.