In the midst of an uncertain world, adaptability becomes paramount for survival. Nigerians find themselves grappling with the challenges posed by a harsh economic environment. With inflation exceeding 24 percent, the distress is particularly intense for many businesses, especially small and medium-sized enterprises (SMEs).

Yet, beyond addressing economic hardships, attention must be given to the impact of these trying times on leadership quality across all levels of government. This calls for President Bola Ahmed Tinubu, state governors, and local council chairpersons to lead through change, making decisions in the public’s best interest.

Back in 1987, leadership theorists Warren Bennis and Burt Nanus coined the term VUCA, representing the “volatility, uncertainty, complexity, and ambiguity” inherent in many situations. Today’s world, marked by constant and unpredictable shifts (e.g., the Covid-19 pandemic and the Russia-Ukraine conflict’s effect on global supply chains), demands strategic thinking, fresh skills, knowledge, and innovative inspiration from leaders.

Technological advancements, rapidly unfolding, are simultaneously enhancing efficiency and upending established business models, as witnessed in the rise of Airbnb in the hospitality sector and Uber in transportation. In this context, embracing change, curiosity, self-awareness, and adaptability should be the stance of our leaders, rather than resisting transformation.

The Federal Inland Revenue Service (FIRS), under President Tinubu’s guidance, requires a team of trusted advisors and experts to support his vision as Nigeria charts a new economic course. Fresh ideas and innovative solutions are pivotal to stabilizing the economy and increasing national revenue.

Competent and inventive ministers who possess quick thinking abilities and are dedicated to plugging “leakages” in their respective ministries are desired. Among the 48 ministerial nominees confirmed by the Senate, there is a need for individuals who can drive change, contrasting with the previous ritualistic bow-and-go confirmation process.

Notably, there’s speculation about the creation of new ministries to address the present circumstances. Within these new opportunities lies the prospect of exploring the “blue economy” concept and establishing a Ministry of Blue Economy or Ocean Affairs.

This ministry’s establishment is long overdue, not just due to Nigeria’s declining economic fortunes but also as a means of supporting economic diversification. But what exactly is the blue economy, and how can this new ministry contribute?

The World Bank defines the blue economy as the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of the ocean ecosystem.” Delving into this concept, resources like Oceanpanel.org provide reliable insights into oceans, offering a global initiative endorsed by world leaders (excluding Nigeria) aimed at propelling a sustainable ocean economy.

The oceans, as emphasized by the Ocean Panel website, foster greater prosperity as they drive livelihoods, transport, commerce, and energy production. Annually, a healthy ocean contributes $1.5 trillion to the global economy, boasting an asset value estimated at $24 trillion.

The livelihoods of over three billion people hinge on ocean resources, while more than half of Earth’s oxygen originates from the oceans. The African Union (AU) calculates that the blue economy generates approximately $300 billion for the continent, resulting in the creation of 49 million jobs.

Aligned in perspective, global entities like the World Bank, United Nations, and Organisation for Economic Co-operation and Development (OECD) view ocean resources as the forthcoming global economic frontier. According to the UN, the blue economy encompasses a spectrum of economic activities connected to oceans, seas, and coastal regions, with an emphasis on sustainability and social equity. Covering two-thirds of Earth’s surface, oceans are indispensable for planetary and human well-being, including combatting climate change.

Key tenets of the blue economy concept entail sustainable ocean utilization, even while harnessing it for economic gain. Traditional economic activities within this sector include fisheries, coastal tourism, shipbuilding, sea water desalination, offshore oil and gas, and marine transportation.

More recently, emerging sectors encompass blue carbon sequestration, aquaculture, seabed extraction, renewable offshore energy, deep-sea mining, and biotechnology, each presenting opportunities for training and employment.

Within the resource-rich Gulf of Guinea, the potential and capacity of the blue economy are staggering. However, effective data analysis is indispensable to oversee ocean sustainability. Nigeria, located in the Gulf of Guinea, boasts a vast coastline spanning approximately 420 nautical miles and an exclusive economic zone (EEZ) spanning 200 nautical miles. This translates to a maritime area of 290 square kilometers, roughly a third of Nigeria’s land area.

Considering Africa’s estimated ocean wealth at $300 billion, Nigeria’s annual accrual from a well-functioning blue economy could be significant. To unleash this potential, the Maritime Stakeholders Forum urges the revision of maritime sector laws to breathe life into the blue economy.

According to Rear Admiral Daniel Atakpa, a prominent blue economy expert, optimizing benefits from both traditional and emerging sectors requires a sustainable approach using “Marine Spatial Planning (MSP).” MSP stands as the backbone of a functional blue economy, crucial for ocean sustainability and harmonized ocean space utilization.

A vital element, MSP coordinates the actions of ocean-based stakeholders while preventing inter-sectoral conflicts. This, coupled with adherence to ocean sustainability principles, aligns with the United Nations’ Sustainable Development Goal No. 14, focused on “Life below Water.”

For effective administration of MSP and overall blue economy management, a Marine Spatial Planner, akin to a minister, is essential.

Should this ministry be appropriately harnessed, the gains for Nigeria are substantial. Not only could it alleviate budget deficits (critical as over 90 percent of revenue is allocated to debt servicing) but also enhance overall revenue generation. The reported debts owed by the Central Bank of Nigeria to financial institutions highlight the need for diversified income sources.

Stakeholders within the maritime sector advocate for the establishment of a separate ministry for the sector, similar to how transportation and aviation were eventually separated. With its sizable maritime industry, Nigeria merits a dedicated ministry for blue economy activities, which span sectors like fisheries, shipping, and maritime tourism.

Presently, various blue economy sectors operate independently within different ministries and agencies. Creating a unified Ministry of Blue Economy can streamline operations, promote transparency, eliminate duplication of functions, and improve ocean sustainability.

The success of this ministry hinges on the right leadership and a break from traditional practices. Proper management, accountability, and knowledge of blue economy principles are key. Given the maritime sector’s vital role in the blue economy, the expertise of the Nigerian Navy is indispensable. Not only do they offer hydrographic data critical for blue economy sectors, but they also provide maritime security to enforce marine spatial planning guidelines.

In conclusion, establishing the Ministry of Blue Economy presents Nigeria with a transformative opportunity. Beyond addressing economic challenges, it offers a path to prosperity, fiscal resilience, and sustainable resource utilization. With the right leadership and focused implementation, Nigeria could harness its maritime potential for the betterment of its people and economy.