Lagos: Maritime law experts say Nigeria could earn between US$3 billion and US$5 billion yearly from marine bioproducts by commercialising ocean resources through research and private investment.
The projection was made on Wednesday during a panel session at the 4th Nigeria Admiralty Law Colloquium in Lagos.
The colloquium brought legal and maritime specialists together to examine Nigeria’s Blue Economy framework and its development potential.
Speaking on the theme, ‘Nigeria’s Blue Economy Framework,’ maritime lawyer Dr Chukwuchefu Ukattah said Nigeria’s coastline and diverse marine ecosystem offer significant economic opportunities.
He referenced a United Nations Environment Programme report outlining Africa’s potential for US$100 billion in marine tourism by 2030, noting that Nigeria’s participation is low due to weak infrastructure.
Ukattah said destinations like Lagos, Calabar and Delta, alongside cultural sites such as Bonny Island, remain under-promoted globally.
He emphasised that the US$6.45 trillion global maritime tourism market presents a substantial opportunity for Nigeria.
Ukattah noted that Landmark Beach attracts over one million visitors annually and supports more than 80 small businesses, showing the value of proper infrastructure.
He said that Nigeria’s marine biodiversity, including seaweed, microalgae, corals, and mangroves, holds immense value for the pharmaceutical and cosmetic industries.
He cited compounds such as Ecteinascidin and Discodermolide, which are derived from marine organisms, as examples of high-value medical products developed through ocean research.
Ukattah said structured Blue Economy programmes could make Nigeria a regional hub for marine-based innovation and generate billions for the economy.
He revealed that Nigeria has approximately 14,120 megawatts of marine-linked hydropower potential, significantly exceeding its current electricity generation capacity.
He said renewable offshore wind, tidal and ocean energy could reduce dependence on fossil fuels and strengthen energy security.
On fisheries, Ukattah said fish provides about 40 per cent of Nigerians’ protein, yet the country faces a 2.5-million-tonne supply gap yearly.
He stated that this shortfall results in more than ₦100 billion in annual fish imports, emphasising the need for sustainable aquaculture and cold-chain systems.
He recalled a fisherman in Rivers State who caught a Blue Marlin valued at US$2.6 million but ate it due to a lack of awareness.
Ukattah noted that Nigeria, despite its oil and gas wealth, still underutilises non-oil marine resources.
He added that Africa’s Blue Economy is worth US$300 billion annually, with deep-sea mining set to increase to 10 per cent of global output by 2030.
He called for collaboration among policymakers, investors, and research bodies to harness marine resources for national development in a responsible manner.
Ukattah said a well-governed Blue Economy could drive innovation, create jobs, and foster long-term prosperity for Nigeria.
