The Blue Economy and Sustainable Development in Nigeria
This study explores the impact of the blue economy on sustainable development, focusing on Nigeria. The Blue Economy, which encompasses economic activities linked to oceans, seas, and coastal areas, holds significant global importance for its potential to foster sustainable development and widespread economic progress. However, Nigeria faces several challenges that must be addressed to fully harness the benefits of the blue economy and achieve sustainable development goals. Using annual time-series data from the CBN Statistical Bulletin and the World Bank Development Indicator spanning 1990 to 2021, this study employs the ordinary least squares (OLS) technique. The variables considered include the sustainable development index (SDI), blue economy (BLEG), gross capital formation (GCF), CO2 emissions (GHE), and per capita income growth rate (PCGR). Results indicate that an increased contribution of the blue economy to GDP significantly enhances SDI, highlighting its role in promoting sustainable development. In contrast, the percentage share of gross capital formation in GDP does not show a statistically significant relationship with SDI, suggesting limited predictive power in this context. Furthermore, higher CO2 emissions are negatively associated with SDI, indicating adverse effects on sustainable development. Similarly, a rapid per capita income growth rate correlates negatively with SDI, suggesting potential sustainability challenges amid economic growth. These findings underline the importance of comprehensive sustainable development strategies that integrate economic, social, and environmental dimensions beyond conventional economic metrics. Integrating blue economy initiatives into Nigeria's sustainable development planning is crucial, emphasizing the need for policymakers to adopt holistic approaches that balance economic growth with…
Keywords: Blue Economy, Sustainable development, CO2 emissions, per capita income
Citation: Aladejana, , Ph.d, S.A., Onyejiuwa, , Ph.d, D.C., Oluwalana, , A, F., Alabi, , & Ph.d, J.A. (2024). The Blue Economy and Sustainable Development in Nigeria. International Journal of Innovative Research in Accounting and Sustainability, 9(3), 25-36.