Dr Farinto Calls for Nigeria’s Blue Economy Overhaul as Stakeholders Mark His New Year Milestone

ZAINAB JUNAID

The Chief Executive Officer (CEO) of Wealthy Honey Investment Nigeria Limited, Dr. Kayode Collins Farinto has called for significant restructuring of the Nigeria’s blue economy to improve its performance and tap into its potential.

Dr. Farinto made the call on Thursday, 19 February 2025, at a brief but colourful birthday ceremony organised in his honour by National Economic Growth Forum.

While speaking on the theme – ‘Raising National Awareness on Significance and Economic Potential of the Blue Economy, the Iconic maritime professional highlighted the need for improvement in the Nigeria’s Blue Economy, stressing that its not living up to its expectations since its establishment three years ago.

He recalled the United Nations’ Sustainable Development Goals, which emphasise aquatic life, good water, and many more.

These areas according to Dr Farinto, are where Nigeria’s blue economy comes in, and the government needs to do more to tap the industry’s revenue potential.

“The blue economy can generate significant revenue, comparable to what Nigerian Customs Service earns yearly. However, there are too many untapped opportunities and lacking areas that need attention,” Dr Farinto lamented.

The maritime guru cited abandoned vessels in Tarkwa Bay as another bane of the blue economy which are causing environmental harm, killing aquatic life which Nobody is penalised for.

Dr Farinto also wondered why pollution charges collected from vessels are not being utilised effectively.

“There’s a need for capacity building, youth involvement, and institutional support. Younger generations need to be educated, and creative individuals must be brought on board to add value to the ecosystem,” he stated.

The philanthropist questioned the accountability of the Cargo Defence Fund, worth over three billion Naira, lying idle with the Nigerian Shippers’ Council, and not being utilised to empower Nigerian shippers.

He also emphasised the potential for tourism and revenue generation through organized trips, like weekend cruises to Benin, and leveraging coastal laws to boost the economy.

While proffering likely steps to be taken, he mentioned sensitisation and media advocacy as crucial for growth, stating the government should earmark funds for research and educational advocacies to promote the industry.

To Dr Farinto, if all these are well rejuvenated, the blue economy will be more effective and efficient.