7 hours Ago By Guardian Nigeria
• Says only $30b disbursed since 2010 • ‘Nigeria can generate over $100b yearly’ The United Nations Conference on Trade and Development (UNCTAD) has criticised the persistent underfunding of the ocean economy, revealing that only $30 billion has been disbursed since 2010, making it one of the least-funded Sustainable Development Goals (SDGs). According to recent UNCTAD data, under SDG 14 (life below water), the ocean economy requires an estimated $175 billion yearly to close the global investment gap for sustainability. UNCTAD reported that export trade in ocean-related goods and services reached $2.
2 trillion in 2023, excluding offshore oil and gas. Data obtained by The Guardian show that marine and coastal tourism accounted for $725 billion, while maritime transport, particularly freight, generated $386 billion. Other key sectors included ships and port equipment ($348 billion), high-technology and other manufacturing ($346 billion) and additional services, which collectively reached $404 billion.
The additional services include marine fisheries and aquaculture ($114 billion), port services ($104 billion), passenger maritime transport ($91 billion), seafood processing ($89 billion), marine research and development ($4 billion) and sea minerals ($2 billion). According to UNCTAD, the ocean economy drives industries ranging from tourism and pharmaceuticals to biotechnology and clean energy, supporting over 600 million jobs worldwide. The new data also highlight that while tourism, accounting for 33 per cent, and shipping, 22 per cent, remain dominant, high-tech and manufacturing industries are gaining traction, now comprising 16 per cent of ocean trade.
These include pharmaceuticals, marine sports, clean energy and electrical equipment. Also, emerging industries are shaping new markets, including a $10.8 billion sector for marine-based plastic substitutes, offering both economic opportunities and environmental benefits.
UNCTAD report noted that marine biotechnology, which was valued at $4.2 billion in 2023 and is projected to reach $6.4 billion by 2025, is expanding through innovations in low-carbon marine foods, new antibiotics and bio-based materials.
Speaking at the recently concluded fifth UN Ocean Forum, organised by UNCTAD, the Secretary-General, Rebeca Grynspan, emphasised the urgent need for a new “blue deal” to scale up public and private investment in sustainable ocean sectors, which she said remain severely underfunded. She noted that a task force has been proposed to map regulatory standards and identify potential gaps to unlock the $17 billion seaweed market and promote sustainable marine-based industries. “Our goal is to balance two crucial considerations, prosperity and sustainability, and to prove that these two forces do not contradict but complement each other,” she stated.
Also speaking at the forum, the Secretary-General of the World Meteorological Organisation (WMO), Celeste Saulo, projected that the ocean economy’s value could reach $3 trillion by 2030, employing 40 million people. Saulo further noted that since 1995, the global ocean economies have expanded by 250 per cent, outpacing the world economy, which grew by 190 per cent over the same period. Speaking on the topic, the Dean of Faculty at City University, Cambodia, Prof.
Alfred Oniye, highlighted that Nigeria’s ocean economy, if harnessed, can generate over $100 billion yearly, create jobs, and improve livelihoods, while preserving marine ecosystems. According to him, this estimate is based on the sustainable exploitation of marine resources, job creation, enhanced food security, tourism, infrastructure development, marine biotechnology and green energy..
