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Blue Economy: The Prospects of the Dream Legal Stand for the Nigerian Blue Economy
The Nigerian blue economy is considered new, owing to the fact that it has not been fully explored and developed. However, it shows huge prospects and potential that is capable of impacting the Nigerian economy in so many ways. Its sectors consist of fisheries and aquaculture, maritime transport and shipping, offshore energy, tourism and coastal recreation, marine biotechnology, maritime security, seabed mining, maritime and coast infrastructure, and also marine environmental service. Its prospects is demonstrated in economic diversification, employment opportunities, food security, renewable energy potential, enhanced maritime trade, and environmental sustainability. the opportunities it provides are numerous including expansion of maritime trade, fisheries and aquaculture development, offshore renewable energy, coastal tourism and recreation, job creation, maritime security services, and international collaboration. However, it brings challenges such as illegal maritime activities, inadequate infrastructure, environmental degradation, lack of policy and regulatory frameworks, overfishing and unsustainable practices, limited investment, inadequate skilled workforce, and security concerns. In its quest to attain sustainability, frameworks such as the 2030 Agenda for Sustainable Development (UN SDGs), The Paris Agreement on Climate Change, The Green New Deal (Global and Regional), The Rio Declaration on Environment and Development (1992), Sustainable Fisheries and Blue Economy Policies, and The Convention on Biological Diversity (CBD) are further taken into consideration, which help in providing policy frameworks for different implementation. The methodology approach used is a systematic literature review
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