Citation :

Olaniyi A.R, Ajala A.M, Afolalu A.B, 2024. "Effect of Blue Economic Practices and Its Potential Implications on Nigeria’s Socio-Economic Development: A Comprehensive Analysis" ESP International Journal of Science, Humanities & Management Studies(ESP-IJSHMS)  Volume 2, Issue 2: 1-8.

Abstract :

Blue Economy refers to the sustainable use of ocean resources for economic growth, improved livelihoods, and environmental preservation. This study evaluates the effect of Blue Economic Practices in Nigeria and its Potential Implications for the country's socio-economic development. Nigeria, being a coastal nation endowed with vast marine resources, has recognized the importance of harnessing its maritime potential to stimulate economic growth. Through strategic policies and initiatives, the country has attempted to tap into the untapped potential of its blue economy. This study examines the various sectors within the blue economy that have been developed in Nigeria, including fisheries, aquaculture, maritime transport, oil and gas exploration, and tourism. The analysis takes into consideration the economic, social, and environmental aspects of these sectors, considering both the positive and negative impacts. The findings indicate that blue economy has the potential to significantly contribute to Nigeria's economic growth and development. The fisheries sector, for instance, can provide employment opportunities, boost food security, and contribute to foreign exchange earnings through exports. The maritime transport sector has the potential to enhance intra-regional trade, improve connectivity, and facilitate economic integration. However, challenges such as overfishing, pollution, and inadequate infrastructure pose significant threats to the sustainability of the blue economy in Nigeria. These issues require effective regulations, enforcement mechanisms, and cooperation among stakeholders to ensure proper resource management and environmental protection. Considering the findings, this study recommends that Nigeria should prioritize sustainable practices within the blue economy to maximize economic benefits while preserving marine ecosystems. Efforts should be made to promote sustainable fishing practices, develop aquaculture techniques, invest in maritime infrastructure, and leverage the potential of marine tourism. Overall, blue economy has the potential to transform Nigeria's coastal communities, alleviate poverty, and contribute to sustainable development. However, careful planning, strong governance, and effective management of resources which are crucial to unsurely the long-term viability and resilience of Nigeria's blue economy.

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Keywords :

Socio-Economic Development, Economic Practices, Economic Growth, Environmental Preservation, Blue Economic Sectors, Maritime Potential.