Blue Economy to approximately yield wealth worth US$1.5 trillion globally

Blue Economy  to approximately yield wealth worth US$1.5 trillion globally 

The Blue Economy, which is also called the Ocean Economy, is estimated to provide wealth in excess of US$1.5 trillion globally, create over 30 million jobs and supply an essential source of protein to over 3 billion people. 

Professor Charles OGBULOGO, Vice-Chancellor, Maduka University, Enugu State,disclosed this in a paper he presented at the 2023 Convocation, Matriculation and Awards Ceremony of Crown Maritime Academy, CMA, in Lagos.

The theme of his paper was 'The Force Of Leadership In Maximizing The Blue Economy: A Nigerian Challenge.' The theme of the Convocation was "Marine And Blue Economy Ministry: 'Catch-Alls And Caveats' For The Tinubu Administration".

According to Professor Charles OGBULOGO, a Fellow of CMAN, " the ocean economy is concerned with the use of ocean resources with priority on the empowering of its economic system. Since the focal point of the Blue Economy Is anchored on the receptacle of sustainability, it is a part of the Green Economy."

Ogbulogo noted that the world has traversed from the emphasis on the brick and mortar business to the era of the knowledge economy, the care economy, the green and the blue economy. "And, therefore, there is the fear that, just as has been the case with previous paradigm shifts, many destitute nations would be left behind."

He posited that "humanity has desecrated the 'bond with nature' and aquatic life was in grave danger". 

Corroborating the World Bank, he consented that the blue economy is the "sustainable use of the ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem".

The paper was presented on his behalf by the Rector, Crown Maritime Academy, CMA, Dr. Musa Akinyemi, FCMAN.

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