IMPACT OF BLUE ECONOMY ON ECONOMIC GROWTH IN NIGERIA

Abstract

The study examined the impact of blue economy on economic growth of Nigeria for the period of twenty-three (23) years spanning through 2000 to 2022. The independent variables employed in the study include fisheries, desalination, aquaculture, and tourism. Meanwhile, the dependent variable (economic growth) proxy by (RGDP). Data were collected from the Central Bank of Nigeria Statistical Bulletin and World Bank Development Indicator (2022). Data set was analyzed using descriptive statistics, correlation analysis and ARDL with the help of E-VIEW version 9.0. The findings reveal that desalination, aquaculture, and tourism significantly influence economic growth of Nigeria. The study thereby recommends that efforts to increase fishing activities in as much as it would not amount to overfishing should be encouraged. Also, Investments should be focused on activities such as harvesting fish and other seafood, aquaculture and tourism as the results reveal that the blue economy is a good alternative to promote economic growth.