Blue Economy and Sustainable Development in Nigeria

This study examined the effect of blue economy on sustainable development in Nigeria from 1990 to 2023, using human development index as the measure of sustainable development. Blue economy was proxied by fishery production, maritime transport, aquaculture production, maritime tourism and renewable energy. The study adopted ex-post facto research design and made use of annual time series data mainly sourced from the Central Bank of Nigeria (CBN) statistical bulletin, World Bank Development Indicators and International Energy Agency (IEA) reports. The techniques of data analysis adopted include trend analysis, descriptive statistics, multicollinearity test using correlation matrix, Augmented Dickey-Fuller (ADF) unit root test, bounds cointegration test and Autoregressive Distributed Lag (ARDL) approach. The findings of the study showed that fishery production, maritime transport, maritime tourism and renewable energy have positive and significant effects on human development index in Nigeria in both the short run and long run, while aquaculture production has a positive but non-significant effect on human development index in both the short run and long run. Based on the findings, the study concluded that the blue economy holds substantial potential for promoting human development in Nigeria, but sustainable regulatory frameworks are necessary to sustain and deepen these gains. It was recommended, among others, that government should scale up investment in sustainable fisheries development, including enforcing anti-illegal fishing regulations, promoting modern fishing technologies, improving cold-chain logistics, and supporting artisanal fishers with credit facilities.