Correlate of Blue Economy Potentials: Challenges and Prospects for Economic Development in Nigeria.

Abstract

This paper examined the maritime industry and marine ecosystem in Nigeria with a view to determine the relationship between revenue generated through maritime related activities by the Nigeria Ports Authority and Gross Domestics Product (GDP)-index for economic development. It analyzed the challenges of blue economy in spite of its economic potential. Secondary data from ports revenue and GDP were correlated and random selection of communities where blue economy is to be practiced selected across the littoral States. The communities were selected through stratified sampling techniques around the major Nigerian seaports in Apapa, Tin Can, Bonny Island in Port Harcourt, Old terminal in Calabar, Okerenko in Warrri, FOT at Onne, Ilaje in Ondo State and Yenegoa in Bayelsa State. 186 respondents were able to provide information on challenges that blue economy concept may face in Nigeria. Results revealed that, there is no correlation between revenue and GDP though with progressive revenue over the years which made us to accept the null hypothesis. The challenges of blue economy ranging from habitat degradation (30%), over exploration (14%), bunkering (13%), over fishing (9%) among others, were identified. The research recommended the exploration of blue economy concept without degrading the marine ecosystem with policy initiatives.