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 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 major economic opportunities.
He referenced a United Nations Environmental Programme report outlining Africa’s US$100 billion marine tourism potential by 2030, noting Nigeria’s low participation due to weak infrastructure.
Ukattah said destinations like Lagos, Calabar and Delta, alongside cultural sites such as Bonny Island, remain under-promoted globally.
He stressed that the US$6.45 trillion global maritime tourism market represents a significant 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 Nigeria’s marine biodiversity, including seaweed, microalgae, corals and mangroves, holds immense value for pharmaceutical and cosmetic industries.
He cited compounds like Ecteinascidin and Discodermolide, developed from marine organisms, as examples of high-value medical products derived from 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 around 14,120 megawatts of marine-linked hydropower potential, far above the 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 said this shortfall forces more than ₦100 billion in fish imports annually, stressing 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 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 responsibly harness marine resources for national development.
Ukattah said a well-governed Blue Economy could drive innovation, jobs and long-term prosperity for Nigeria.
