Nigeria to explore $1.5trn deep blue sea economy

The Federal Government of Nigeria has chosen to further diversify its economy by exploring resources worth over $1.5 trillion in the Deep Blue Sea.

This was confirmed on Monday by Nigeria’s Ambassador to Jamaica and Permanent Representative on the ISA board, Dr Maureen Tamuno.

According to Michael Lodge, the Secretary-General of the International Seabed Association (ISA), the nation will reap a windfall from the sea.

He said, “the United Nations Blue economy contributes up to $1.5trillion to the global economy if effectively and sustainably managed, Nigeria stands to reap a windfall from this huge opportunity for Africa and African states.”

Speaking ahead of a two-day Africa Deep-seabed Resources workshop starting tomorrow (Wednesday) in Abuja, the ambassador said “the event will not only create needed awareness on the vast economic potentials in the deep-seabed but avail the country the avenue to tap into commercial businesses therein for sundry economic gains.”

“Necessary apparatus is being made available to the MDAs and officials of the ISA who are in the country to hold discussions with experts from maritime and other fields essential to the realization of the government’s resource-based improvement objective.

“The officials led by the ISA Secretary-General, Michael Lodge, will today, together with some MDAs officials, visit the Maritime Academy, Oron, where the facilities will be assessed with a view to suggesting improvements on the curriculum of the academy.”

“This proactive approach will ensure focus is placed on securing resources with low impacts on the environment.”

She added, “Nigeria is liaising with 53 other Africans in its quest to ensure the sustainable development of the deep sea resources of African countries as well as explore and exploit the resources for the benefits of the continent.”

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