The Blue Economy's Entrepreneurial Potential and Its Poverty Mitigative Powers in Nigeria

The chapter critically reviews the extant literature on the blue economy and advances a number of managerial and policy issues. First, the chapter argues that the blue economy is an evolving concept with varying definitions and perspectives based on stakeholders' visions and priorities. Second, despite different understandings, there exists a broad consensus that with diminishing land resources, there is greater pressure on ocean resources to feed the growing global population. Equally, there is also a compelling need for policymakers in marine nations to account for “eco-system services” and initiate sustainable policies for the healthy exploitation, usage, management, protection, and conservation of ocean and ocean resources. Finally, to diversify the economy of Nigeria, the chapter canvases the adoption of a new paradigm called the “blue economy” as an antidote for unpredictable and harsh implications of overdependence on oil. Future ocean-based productivity has been forecasted to exceed land-based production both in value and employment generation by 2030.