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Blue Economy To Generate $20bn Annually, Create 2m Jobs -Oyetola
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has said that the ministry is pursuing its goal of generating 20 billion dollars annually.
Oyetola also said that his ministry was working toward creating two million jobs on a yearly basis through strategic development within the sector.
A statement by the Media Aide to the Minister, Ismail Omipidan on Tuesday in Abuja, quoted the minister as saying this at the 2023 Abuja Investment Summit and Expo.
The minister said that his plan was to transform the Marine and Blue Economy sector into a significant contributor to the nation’s economy.
He said this was also aimed to match the Gross Domestic Product contribution of the Oil and Gas sector within the next four years.
Represented by his Technical Aide, Prof. Busayo Fakinlede, Oyetola also unveiled the ministry’s strategic plans to redefine the marine and blue economy sector for sustainable national socioeconomic growth and development.
The minister also said that efforts were in top gear to further implement a comprehensive plan that includes the expansion and optimisation of ports, infrastructure refurbishment, the development of deep-sea ports, amongst others
“In Nigeria, experts further noted that the untapped potential within the Marine and Blue Economy sector is estimated to be a staggering $296 billion.
“Recognising this immense opportunity, we are committed to driving forward with policies and initiatives that aimed to unlock this latent value.
“Our ambitious goal is to generate up to $20 billion annually and create about 2 million jobs on an annual basis through strategic development within this sector.
“We aspire for the Marine and Blue Economy to become a substantial contributor to our nation’s economy, with a target to at least match the GDP contribution of the Oil and Gas Sector within the next four years”, Oyetola said.
According to the minister, our commitment to the development of inland waterways is unwavering.
“We aim to link all regions of the country through our inland waterways by exploring PPP arrangements that would facilitate the attraction of Foreign Direct Investment (FDI) to the inland waterways,” he said.
Oyetola also said that government was also considering the re-establishment of a National Shipping Line, through a strategic PPP arrangement.
The minister said that the move was aimed at capturing a substantial share of the estimated $10 billion annual ship charter market within the country.
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Nigeria, UK To Strengthen Bilateral Ties
The United Kingdom’s Foreign Secretary, David Lammy, arrived in Nigeria yesterday on his first official visit to Africa, underscoring a renewed emphasis on economic collaboration and growth-centered diplomacy between the UK and African nations.
His visit marks the beginning of a five-month consultation aimed at reshaping UK-Africa relations to prioritise African voices and ambitions across the continent.
This was contained in a statement signed and released by the Senior Press and Public Affairs Officer, British Deputy High Commission in Lagos, Ndidiamaka Eze, on Sunday.
In Nigeria, Lammy will advocate for deeper trade and investment ties, supporting what he described as a fresh, respectful approach that builds “long-term growth rather than short-term solutions.”
Lammy stressed Africa’s significant potential, noting that by 2050, it is set to account for a quarter of the world’s population.
His goal is to build relationships where “the UK and our friends and partners in Africa can grow together.”
“Africa has huge growth potential, with the continent on track to make up 25 per cent of the world’s population by 2050.
“Our new approach will deliver respectful partnerships that listen rather than tell, deliver long-term growth rather than short-term solutions, and build a freer, safer, more prosperous continent.
“Growth is the core mission of this government and will underpin our relationships in Nigeria and beyond. This will mean more jobs, more prosperity, and more opportunities for Brits and Africans alike,” the statement read.
The visit came as part of a broader strategy to elevate UK engagement in Africa, with Lammy scheduled to meet with President Bola Tinubu, Foreign Minister Yusuf Tuggar, and Lagos State Governor Babajide Sanwo-Olu.
His agenda includes furthering the UK-Nigeria Enhanced Trade and Investment Partnership, which was signed earlier this year to expand trade and market access between the two countries.
The partnership aimed to boost economic opportunities, fostering jobs, and prosperity for both British and Nigerian citizens.
As part of his commitment to supporting Nigeria’s economic reforms, Lammy will introduce a technical assistance package designed to support the Nigerian Ministry of Finance.
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Reps To Probe $2bn Renewable Energy Investment
The House of Representatives Committee on Renewable Energy has invited stakeholders to an investigative hearing on the $2bn renewable energy grants and investments in Nigeria.
According to the Committee, the investment has not had a proportional impact on the nation’s energy security challenges.
In July 2024, President Bola Tinubu disclosed at the Africa Natural Resource and Energy Investment Summit in Nigeria that the nation had attracted over $2bn of investment in the sector in the past decade.
“Over the past decade, Nigeria has attracted over $2bn in investment in the renewable energy sector, making it a fast-growing part of the economy. Our commitment is to continue on this path and attract more private sector involvement in the renewable energy space, including manufacturing locally produced solar panels and batteries.
“By encouraging local production of equipment, we can reduce implementation costs, thereby lowering the threshold for electrification,” the President was quoted as saying.
Scheduled for Tuesday and Wednesday, 5 and 6 November 2024, the investigative hearing follows the mandate given to the Committee on 6 June 2024 to investigate Ministries, Departments, and Agencies involved in investments, procurement, and receipt of grants for renewable energy sector development.
In a statement issued on Sunday by the Committee Chairman, Victor Ogene, in Abuja, the probe will cover the period from 2015 to 2024.
The lawmaker said the House was shocked that “Despite the government attracting over $2bn in renewable energy investments in the past decade, as reported by the Rural Electrification Agency in 2023, there has been no noticeable improvement in the sector.
“The House of Representatives was alarmed that the dysfunctional electricity generation and supply system persists, contrary to the objectives behind government investments and grants aimed at developing the renewable energy sector. Hence, the resolution to probe these investments to determine the integrity of the procurement and execution processes.”
He noted that the probe is not a witch-hunt but an exercise to discourage shady dealings and promote transparency and objectivity in managing government or public resources.
The House’s resolutions followed the adoption of a motion titled “Need to Investigate Investments in the Renewable Energy Sector and Foreign Grants Received from 2015 Till Date,” sponsored by the lawmaker representing Oshodi-Isolo II Federal Constituency, Lagos State, Mr Okey-Joe Onuakalusi.
Leading the debate, the lawmaker said the parliament was aware that poor electricity generation, transmission, and distribution pose a significant threat to the nation’s industrial and technological development goals.
According to the lawmakers, successive governments since 2015 have made substantial investments and attracted multimillion-dollar foreign grants for Nigeria’s renewable energy subsector to create a viable and sustainable alternative energy supply.
They noted that in December 2023, the World Bank approved a $750m facility to boost renewable energy in Nigeria, aiming to provide over 17.5 million Nigerians with improved access to electricity through distributed renewable energy solutions.
They also noted that in 2020, the Federal Government launched a $200m renewable energy project, the ‘Nigeria Electrification Project,’ targeted at providing off-grid energy to over 500,000 people across 105,000 households in rural communities, funded by the African Development Bank.
Agencies invited to the public hearing include, but are not limited to, the Rural Electrification Agency, Nigerian National Petroleum Company Limited, Nigerian Content Development and Monitoring Board, Nigerian Sovereign Investment Authority, National Agency for Science and Engineering Infrastructure, and the Ministry of Petroleum Resources.
Also invited are the Country Representative of the European Union, Union Bank Plc (Compliance Department), Ministry of Science, Technology and Innovation, Federal Ministry of Power, Energy Commission of Nigeria, and Federal Ministry of Finance.
Other invited entities include the Niger Delta Power Holding Company, Federal Ministry of Marine and Blue Economy, Federal Ministry of Environment and Ecological Management, Federal Ministry of Petroleum (Gas Resources), Niger Delta Development Commission, United States Agency for International Development, Federal Ministry of Budget and Economic Planning, Federal Ministry of Agriculture and Food Security, Accountant General of the Federation, and Renewable Energy and Energy Efficiency Associations, among others.
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Rosicrucians Prioritise Societal Dev
Rosicrucian Order, English Grand Lodge for West Africa, has urged Rosicrucians all over the world to contribute their quota towards the political and economic development of their countries.
The Order, which gave the task at the AMORC Convention, Port Harcourt 2024, also called on them to remain exemplary in their conducts.
It charged them to radiate love wherever they find themselves as the theme of the convention was “Universal Love.”
Declaring the convention open, the Imperator and President Supreme Grand Lodge (AMORC), Frater Claudio Mazzucco, urged members to ensure a better society for present and future generations.
He also described the convention as historic, and charged them to continue to radiate love to all humanity.
Meanwhile in his message, the Grand Master-designate, Eugenius Idiodi, urged the delegates to reflect on the theme of the convention.
“As we come together under the guiding theme of ‘universal love’ let us pause for a moment to reflect on the profound significance of this gathering and the journey that has brought us to this point”.
Idiodi also described members of the Order as “seeds of various kinds sown into the soil, each with the potentials to bloom into something unique and beautiful”.
“Yet no matter their individual forms, all these seeds share common nurturing light of the sun, the sustaining nourishment of the Earth and the gentle touch of water”, he added.
Grand Master-designate said each member of the Order is like a seed which has the potentials to blossom into its highest level.
In his words, “And just as the seeds in the garden depend on the forces of nature, we too require the nourishing power of universal love to flourish, not as individuals but as a global community bound by the sacred principles of the Rosicrucian tradition”.
Idiodi described the convention as a symbol of collective journey, stressing that members are on a journey towards deeper understanding, compassion and enlightenment.
The Chairman of Local Organising Committee, Edwin I. Obani, said the convention would mark the golden jubilee of the English West Africa Lodge and the installation of the Grand Master-designate, Frater Eugenius Idiodi.
Obani said the event would afford members from the different countries in West Africa to rekindle the love of universal love.
Later at a press conference, members of the Order, including the Imperator and President Supreme Grand Lodge, Claudio Mazzucco, Frater Kenneth Idiodi, Eugenius Idiodi, Lucy Crawford Sandison and Olabimpe Giwa, said love remains the only antidote to solving all societal problems.
They urged members of the society to show love not only to fellow humans but also to mother earth.
The convention marks the Golden Jubilee of the West African Lodge.
By: John Bibor
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