Potential of Marine and Aquatic Resources in Nigeria’s Blue Economy
Hassan David Vincent
Emmanuel Eche
Adi Pajo
Abstract
Industrial expert also claim that a committed and sustainable exploration of resources in the blue economy is a job creation enabler, capable of improving food security, tourism and infrastructure development just as it can give real meaning to the country’s green energy pursuits among other benefit. To this backdrop, this paper explore the potentials of the blue economy in Nigeria focusing on the sustainable development of the marine and aquatic resources. Through a combination of literature review the paper sourced secondary data from the Central Bank of Nigeria and National Bureau of statistics for the period under study. The study employed the use of Augmented Dickey Fuller test to dictate the presence of unit root among the variables under study and Autoregressive Distributive lag estimate for its analysis. The study was able to identify the current state of the blue economy in Nigeria discover key challenges and opportunity, and proposed strategies for sustainable growth. The finding of the study reveals that there is exist short run, positive and significant relationship between blue economy and sustainable growth in Nigeria, the findings also found out that Nigerian coastal and marine resources has immense economic potentials, but are underutilized and facing significant environmental threats. The study recommend among others the importance of policy support, investment in infrastructure and technology, and community engagement for the successful development of the blue economy in Nigeria