A Business Ecosystem’s Model for Harnessing Nigeria’s Ocean Economy

Abstract

Abstract:The reassessment of ocean economy contribution of nations has become a new strategy for frontier states adjacent to the coastal region for the improvement of their position in the efficiency frontier curve. The continuity of a coastal state to remain a leader in the production and efficiency frontier curve of modern day development will thus depend on their ability to sustainably develop their most strategic economic resource base such as the ocean economy. The major economic bases include sustainable fishing, offshore oil field developments, offshore biodiversity development and marine biotechnology, offshore mining of manganese nodules, offshore wind farm potentials, international shipping (marine transport) and adjoining corridor development, ship dry docking potentials, marine renewable energy as well as other potentials outlined in the definition of African Union strategy for the development of her blue economy. Adopting the regression analysis and analysis of variance analytical tools, the study found that about 90% association exist between the GDP (gross domestic product) of the West African state (Nigeria) and her GDP. It equally found that offshore oil and gas energy sector more significantly impact on the GDP of Nigeria than other ocean economy business clusters. Given the various contributing marine environment business cluster used in the work, the model depicting the influence of the ocean economy of Nigeria is: Y = 2295334779895 − 29473X 1 + 3436995749 − 5927686X 2 + e.

Environmental Effect of Oil Spillage and Cleanup on the Marine Environment in Selected Niger Delta Communities

“…Oil spillage is a global issue that keeps occurring since the discovery of crude oil, which was part of the industrial revolution. Through human activities, the total spillage of petroleum into the oceans, seas, and rivers is estimated to the range 0.7-1.7 million tons per year [1]. Oil spills have posed a major threat to the environment of the oil-producing areas, which if not effectively checked can lead to the total destruction of ecosystems [2].…”