Revenue: APC chieftain urges Tinubu to give support to blue economy

Mr Olatunbosun Oyintiloye, a Chieftain of All Progressives Congress (APC), has appealed to President Bola Tinubu to give maximum support to the development of blue economy to serve as an alternative to crude oil in terms revenue generation.

Oyintiloye, a member of the defunct APC Presidential Campaign Council (PCC), made the appeal while speaking with journalists on Sunday in Osogbo.

The APC chieftain in Osun said that harnessing the potential of the marine and blue economy sector was capable of redefining sustainable growth in the nation’s Gross Domestic Product (GDP).

Oyintiloye said that the projection by Alhaji Gboyega Oyetola, the Minister of Marine and Blue Economy, that the blue economy could generate $20 billion annually and, also create two million jobs is huge potential to the country’s economy.

According to him, experts also projected that the untapped potential within the marine and blue economy sector is estimated at a staggering of $296 billion.

‘I want to commend the president for the crea
tion of Ministry of Marine and Blue Economy.

‘With the huge potential embedded in it, I believe if well tapped, it can serve as an alternative source of revenue generation for the country.

‘And that is why we need to unlock the potential in the marine and blue economy to revamp dwindling economy and reduce over dependency on crude oil,’ he said.

Oyintiloye, a former lawmaker said that investing in marine and blue economy sector would yield a multitude compelling benefits.

‘Not only will it diversify and stimulate economic growth, but it also plays a pivotal role in enhancing marine health and safeguarding oceanic ecosystems.

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‘By fostering sustainable livelihoods, generating employment opportunities, and bolstering ocean tourism, blue economy will preserve our oceans, while fortifying communities against climate change impacts,’ he said.

Oyintiloye, who commended Oyetola for his efforts at tapping the blue economy potentials, said that
in no distance time Nigeria would start to reap the benefits of the marine economy for economic growth.

He, however, said that in order to establish a sustainable development in marine and blue economy sector, it is essential to develop an economic and financial system capable of directing financial resources towards ocean related activities such as maritime shipping, fishing and aquaculture, coastal tourism, among others.

Oyintiloye said that with various ongoing economic policies put in place by the president, Nigerians would smile again.

Source: News Agency of Nigeria