Economy

Hassan Bello Calls for Private Sector to Lead Nigeria’s Blue Economy

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Former Executive Secretary of the Nigerian Shippers’ Council, Hassan Bello, has urged the federal government to allow the private sector to take over the blue economy.

Speaking at the Primetime Reporters’ 10th anniversary lecture and awards on Wednesday, Bello emphasized the need for the federal government to collaborate with stakeholders in the private sector rather than assigning the lead implementation role to any public institution.

He said, “Don’t give the blue economy to an agency as the lead agency because everybody must have contributions. Allow the private sector to take over the blue economy. Don’t create fantastic departments and overload them into the private sector.”

Referring to past challenges, Bello said, “It was a NIMASA thing, and cabotage was colonized. The blue economy should not be colonized. We should explore the ramifications of the blue economy to ensure that its benefits trickle down to everyone.”

He added that the blue economy cannot thrive without the integration of technology, noting that it has always existed, much like the red economy.

“Technology is central. Without technology, we have limitations. The blue economy will remain relevant; in 10 years, we will still be talking about it, but we need to harness its potential.

“We can create alternatives to oil and gas. Sustainable energy, renewable energy, fisheries, and other areas of focus mean that the blue economy must be managed collaboratively with all stakeholders,” Bello explained.

He also pointed out, “The blue economy has always been there, just as we had the red economy, characterized by China’s quest for export in a state-directed economy. We even have the grey economy, which is informal, the green economy, and all shades of economies.”

Bello highlighted the need for a dedicated ministry to oversee transportation, describing it as a core component of the blue economy.

“Transportation is a cardinal or even paramount part of the blue economy. While the sustainable use of ocean resources is essential, the central point of the blue economy is the utilization of the ocean, inland waterways, and other resources for the diversification of our economy,” he concluded.

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