Economic Drivers and Financial Sustainability of the Blue Economy Within the Aquatic Ecosystems in Nigeria

Abstract

Nigeria’s aquatic ecosystems are vital to national development, yet their economic potential remains underutilized due to financial and policy constraints. This study aims to investigate the economic drivers and financial sustainability of the blue economy within Nigeria’s aquatic sectors. Using a mixed-methods approach, fisheries production, aquaculture investment, employment rates, and revenue data were analyzed from 2015 to 2024, alongside stakeholder interviews and surveys. Fisheries production rose from 320,000 to 470,000 metric tons, and aquaculture investment increased from ₦10.2 billion to ₦26.8 billion. Regression analysis showed investment level (β= 0.42, P< 0.001), policy support (β= 0.31, P= 0.004), and market access (β= 0.27, P= 0.010) as significant predictors of financial sustainability (R² = 0.61). Stakeholders highlighted barriers such as credit access and policy inconsistency but also pointed to emerging innovations like mobile finance tools. The study concludes that targeted investment and stable policy frameworks are essential for sustainable growth. We recommend establishing a national blue economy financing platform to support inclusive development across aquatic regions.