Africa risks losing $300bn Blue economy potential, BRACED chair warns

The chairman of the BRACED Tourism Promotion and Development Initiative, Piriye Kiyaramo, has warned that Africa risks losing an estimated $300 billion annually due to the neglect of the blue economy.

Speaking with journalists in Yenagoa on Thursday, Mr Kiyaramo blamed low attention to the maritime sector by Nigerian state governments and other African countries for the likely loss.

He said the coastal states had failed to prioritise the sector, despite its capacity to drive economic growth, create jobs and strengthen climate resilience.

Mr Kiyaramo described the blue economy as the sustainable use of oceans and aquatic resources to promote economic development, improve livelihoods, and protect the environment. He noted Africa’s blue economy has an estimated annual value of more than $300 billion if properly harnessed.

According to him, Nigeria’s coastal states of Bayelsa, Rivers, Akwa Ibom, Cross River, Edo and Delta stand to benefit immensely from the sector.

He explained that fisheries, aquaculture, ports, shipping, marine tourism and marine energy could generate significant revenue and employment across the region.

Mr Kiyaramo noted that the sector also supports food security for more than 200 million Africans and accounts for over 90 per cent of the continent’s trade by volume.

He added that coastal ecosystems, including mangroves, play a critical role in protecting communities against the impacts of climate change.

The BRACED chairman said landlocked African countries also benefit from a thriving blue economy through efficient ports and transport corridors.

He said improved maritime infrastructure could cut trade costs by as much as 50 per cent while boosting regional integration.

Mr Kiyaramo cited the African Union’s 2050 Africa’s Integrated Maritime Strategy and the African Continental Free Trade Area as key frameworks supporting maritime development.

He urged governments to treat investment in the maritime sector as a continental priority that can deliver shared prosperity, cheaper trade and stronger regional integration.
(NAN)