Would you like to receive notifications on latest updates of the following headlines?

African Stakeholders to Discuss $300bn Blue Economy in Kenya

POSTED ON June 18, 2024 •   Business      BY Abiodun Saheed Omodara
Kenyan President, William Ruto l Credit: britannica.com

Kenya's President, William Ruto, is set to host a conference focused on Africa's blue economy, which is projected to reach $405 billion by 2030. 

The announcement was made in a press release titled 'Blueinvest Africa 2024: An Invitation to Investors to Support the Blue Economy in Africa.' 

According to the organizers, the continent's blue economy is currently generating $300 billion in revenue and providing employment to 50 million people in fishing, aquaculture, tourism, and transportation, as well as in innovative fields such as biotechnology and renewable energies. 

The Blueinvest Africa 2024 event is scheduled to take place on July 2, 2024, in Diani, Kenya, with the aim of highlighting the dynamic sector.

The statement also mentioned that Africa is experiencing consistent economic growth, with a post-COVID recovery forecast by the African Development Bank at 3.8 per cent in 2024 and 4.2 per cent in 2025. 

The blue economy, encompassing traditional economic activities like fishing, aquaculture, tourism, and transportation, as well as innovative activities such as biotechnology and renewable energies, currently generates revenues of $300 billion and employs 50 million people. 

By 2030, the sector is expected to be valued at $405 billion, emphasizing its strategic significance for economic growth and job creation.

The event, organized by the European Union in collaboration with the Government of the Republic of Kenya, aims to attract investors to Africa's growing blue economy.

The upcoming event will include six themed pitching sessions, during which 29 African entrepreneurs will present their innovative projects in various sectors of the blue economy. 

Organizers have chosen these entrepreneurs for their professionalism and their desire to secure funding to progress their projects from the design phase to commercialization in African markets. 

The selected entrepreneurs come from 17 African countries, including Botswana, Cameroon, Côte d’Ivoire, Ghana, Kenya, Madagascar, Malawi, Morocco, Namibia, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, Tanzania, Togo, and Tunisia.

These entrepreneurs have been chosen for their professionalism, dynamism, and capacity for innovation as they seek funding to advance their initiatives. 

While aquaculture is the most represented sector, reflecting its crucial role in food security strategies, the event will also showcase other sectors such as waste recycling, transportation, food processing, and fashion. 

This diverse representation underscores the wide range of investment opportunities within the blue economy.

READ ALSO
South Africa Surpasses Nigeria in Fuel Imports Amid Dangote Refinery Operations
BY Abiodun Saheed Omodara May 29, 2025 0

Nigeria has lost its long-standing title as Africa’s largest importer of refined petroleum pro...

READ ALSO
Economists Warn of Debt Sustainability Risks as Nigeria Eyes $24.14 Billion in Foreign Loans
BY Abiodun Saheed Omodara May 28, 2025 0

Nigeria's public debt is poised for another substantial increase as President Bola Tinubu has sought...

READ ALSO
Nigeria's Solid Minerals Sector Attracts Over $800 Million in Investments Amid Policy Shift
BY Abiodun Saheed Omodara May 25, 2025 0

The Minister of Solid Minerals Development,Dr Dele Alake announced that Nigeria attracted over $800...

READ ALSO
SNEPCo Urges Indigenous Firms to Enhance Skills for Future Opportunities
BY Abiodun Saheed Omodara May 23, 2025 0

The Shell Nigeria Exploration and Production Company Limited (SNEPCo) has urged Nigerian firms to st...

READ ALSO
JUST IN: Dangote refinery slashes petrol prices by N15 nationwide
BY Abiodun Saheed Omodara May 22, 2025 0

LAGOS, Nigeria — The Dangote Petroleum Refinery recently announced a reduction in the pump pri...

READ ALSO
Sanwo-Olu Advocates for Innovation, Accountability in Economic Policies
BY Abiodun Saheed Omodara May 22, 2025 0

LAGOS, Nigeria - Lagos State Governor Babajide Sanwo-Olu has stated that Nigeria must hasten its pro...

READ ALSO
CBN's Rigid Monetary Policies Threaten Nigeria's Industrialization Efforts
BY Abiodun Saheed Omodara May 22, 2025 0

With the Central Bank of Nigeria (CBN) keeping the benchmark interest rate at 27.5 percent, local ma...

READ ALSO
FG to Auction 753 Housing Units Recovered from Ex-CBN Governor Emefiele
BY Abiodun Saheed Omodara May 20, 2025 0

ABUJA, Nigeria - The Federal Government has declared its intention to sell 753 housing units that we...

OUR CHANNELS:

Enugu Proposes Bill to Curb Criminal Activities Linked to Traditional Practitioners
BY Abiodun Saheed Omodara June 6, 2025 0

ENUGU, Nigeria - Enugu State Governor Peter Mbah has proposed an Executive Bill to the Enugu State H...


Bill Gates Advocates for Improved Health Care in Nigeria Amid Budget Constraints
BY Abiodun Saheed Omodara June 6, 2025 0

US billionaire Bill Gates, who chairs the Gates Foundation, expressed that Nigeria’s health bu...


Controller General Issues Urgent Security Directive for Correctional Facilities
BY Abiodun Saheed Omodara June 6, 2025 0

The Controller General of Corrections, Sylvester Nwakuche, has issued a strict order to all Zonal Co...


NEMA Mobilizes Teams to 15 States Amid Flood Warnings
BY Abiodun Saheed Omodara June 5, 2025 0

The National Emergency Management Agency (NEMA) has sent officials to 15 high-risk states to educate...


Edo Faces Diphtheria Outbreak, Two Confirmed Deaths
BY Abiodun Saheed Omodara June 5, 2025 0

EDO, Nigeria (NAN) - A diphtheria outbreak has been confirmed in Edo State, resulting in two deaths....


Tinubu Honors Bill Gates with National Award for Global Philanthropy
BY Abiodun Saheed Omodara June 5, 2025 0

LAGOS, Nigeria - President Bola Tinubu commended Bill Gates, the co-founder of Microsoft and chairma...


Bahrain, Colombia, DRC, Latvia, and Liberia Join UN Security Council for 2026-2027 Term
BY Abiodun Saheed Omodara June 5, 2025 0

The UN General Assembly on Tuesday elected five new non-permanent members to the UN Security Council...


Tinubu Orders Urgent Repairs on Flood-Damaged Bridge in Mokwa
BY Abiodun Saheed Omodara June 5, 2025 0

NIGER, Nigeria (NAN)- President Bola Tinubu has instructed the Federal Ministry of Works to repair t...


Nigeria Needs ₦2.2 Trillion to Eliminate Cervical Cancer by 2030, Says Task Force Chair
BY Abiodun Saheed Omodara June 5, 2025 0

ABUJA, Nigeria — Nigeria will need ₦2.2 trillion to roll out comprehensive cervical cancer ini...


EFCC Charges Two Men for Posing as Fake Sureties in Illegal Mining Case
BY Abiodun Saheed Omodara June 4, 2025 0

The Economic and Financial Crimes Commission (EFCC) has charged two individuals, Shehu Abdu and Isah...


More Articles

Load more...

Menu