Concept of Blue Economy - a Qualitative Review for Sustainable Economic Development in Nigeria

Ever since the Blue economy concept emerged, there were speculations on its potentials to diversify Nigeria’s economy and be used as alternative source of revenue. This paper qualitatively and descriptively examined the prospect and challenges of the concept through reviews and practices by nations that have ventured into it. It identified the areas of opportunities and strength by interviewing selected community members across selected coaster states in Nigeria. Multi-stage sampling technique was adopted to select Apapa in Lagos, Okerenkoko in Delta, Oron in Akwa Ibom, Agge in Bayelsa and Bonny in Rivers State. Secondary data was also used to determine the correlation between revenue from the maritime industry and Gross Domestic Product of Nigeria. It can be observed that, Nigeria stands to benefit a lot from Blue economy concept from hydro-electricity, pharmaceutical, exportation, tourism, e.t.c. However, it may be a dead end investment if care is not taken to properly weigh it opportunities, cost and financial requirements. Arrays of factors must be put into consideration before embarking on it like security, fund, bunkering, smuggling and Foreign Direct Investment. Ocean and maritime resources should be explored without degradation to marine ecosystem