Blue Economy and Poverty Level in Nigeria

Abstract

This study examined the effect of blue economy on poverty level in Nigeria from 1990 to 2023, using poverty rate as the measure of poverty level. 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, aquaculture production, maritime tourism and renewable energy all have negative and significant effects on poverty rate in Nigeria in both the short run and long run. Based on the findings, the study concluded that the blue economy holds substantial potential for reducing poverty in Nigeria, but sustainable regulatory frameworks are necessary to sustain and broaden these poverty-reducing 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.