Bolstering African’s Sustainable Revenue Growth in the 21st Century through the Development of Blue Economy: The Case of Nigeria

Blue Economy is a recent concept that embraces all economic activities that depend on the sea, often related with other economic sectors, such as tourism, maritime transport, energy and fishing. Blue economy supports the sustainable growth of a nation’s economy; as the oceans and seas are engines of the global economy with great potential for broadening a nation’s revenue base which is a catalyst for economic growth and development. The study uncovers applicable mechanism for strengthening Nigeria’s revenue through the opportunities offered by the blue economy. The study conceptually reviewed existing literature as a basis for obtaining an in depth understanding of how blue economy potentials can boost a nation’s revenue generating capability with a view to making practical recommendations. The study discovered that blue economy has overwhelming potential of expanding government revenue if the economic, social, technological, cultural and environmental challenges hampering the development of the sector are properly addressed. Consequently, the study recommends strong political will and robust institutions for effective development and implementation of blue economy policies in order to bolster the nation’s revenue growth based on existing international standards. There is need to establish Area-based Management, sound policy coordination and stakeholder engagement to improve revenue from blue economy in Nigeria is further suggested.