Africa’s blue economy refers to the continent’s vast coastline which hosts a maritime industry estimated at $1 trillion per year. This is only scratching the surface.
According to UNECA, the largest sectors of the current African aquatic and ocean-based economy are fisheries, aquaculture, tourism, transport, ports, coastal mining and energy.
Several African countries already are making moves to harness the untapped potential of the continent’s marine resources.
The Seychelles have established a ministry dedicated to promoting the blue economy. In South Africa, Operation Phakisa is expected to create 1 million new jobs by 2030 and add ZAR 177 billion to the country’s GDP.
More countries on the continent need to follow suit to reap from the available socio-economic opportunities.
Read the full article at: OECD Development Matters