IIARD International Institute of Academic Research and Development

WORLD JOURNAL OF FINANCE AND INVESTMENT RESEARCH (WJFIR )

E-ISSN 2550-7125
P-ISSN 2682-5902
VOL. 9 NO. 3 2025
DOI: 10.56201/wjfir.v9.no3.2025.pg77.91

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Blue Economy, Sustainable Development and Economic Growth in Nigeria

TONYE, Ogiriki, LIGHA, Lazarus Johnson

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Abstract

Revenue for Nigeria's economy recently has been mostly sustained by oil and gas exports. A decline in foreign exchange profits, a low GDP, and economic instability have resulted from the country's over-reliance on oil, which has exposed it to fluctuations in global oil prices. To lessen the economy's reliance on oil and gas, it is possible to diversify by cultivating the Blue Economy (BE). The blue economy is the path to long-term economic progress for Nigeria. Optimisation of these alternative options will increase our National Gross Domestic Product (GDP), and Nigeria, a nation blessed with a coastline stretching over 850 kilometres along the Atlantic Ocean, has enormous potential of its marine and oceanic resources, including fish stocks, oil and gas, mineral reserves, marine transport, and other valuable biodiversities. "The sustainable use of ocean resources for economic growth, improved livelihoods and jobs while preserving the health of ocean ecosystems." That's what the World Bank means when they talk about the blue economy. Its premise is that BE offers a worthwhile and different way for Nigeria's economy to diversify and flourish, one that would increase wealth generation and job possibilities without harming the environment or ecology. In addition, the paper's suggestions for how to use Nigeria's blue economy to promote long-term sustainability aim to meet the country's present demands for economic diversification and growth, improving people's access to resources, their sense of agency, and the quality of life for all people everywhere without compromising environmental protection or climate change mitigation efforts.

keywords:

blue economy, sustainable development, economic growth, Nigeria

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