Key Takeaways
- The federal government aims to tap into the $10.12 billion global blue biotechnology market through a strategic framework.
- The strategy will focus on research and development, sustainability, and skill development in Nigeria’s marine sector.
- Challenges include inadequate funding, underdeveloped infrastructure, and environmental threats, which the Ministry plans to address through collaboration and strategic initiatives.
Government Strategy for Blue Biotechnology
The federal government is preparing for participation in the $10.12 billion global marine biotechnology sector, following the release of a strategic framework by the Ministry of Marine and Blue Economy. Marine biotechnology leverages ocean biodiversity to improve fields like pharmaceuticals, agriculture, and cosmetics. The ministry’s policy document predicts that the blue biotechnology market will grow from $1.32 billion in 2023 to $10.12 billion by 2031, reflecting a compound annual growth rate (CAGR) of 7.8 percent.
Regional market data from 2022 indicates that North America holds the largest share, accounting for 43.1 percent, followed by Europe at 23.3 percent, and Asia at 7.1 percent. The remaining 26.5 percent is distributed among the Middle East, Africa, and Latin America. While specific figures for Nigeria’s blue biotechnology sector are not yet available, the country’s substantial Exclusive Economic Zone (EEZ) and rich marine biodiversity present a strong basis for growth.
The strategic framework includes a National Blue Biotechnology Strategy to establish Nigeria’s approach to marine genetic resources. This strategy highlights key areas such as market opportunities, investment in research and development, environmental sustainability, and skills development. Additionally, it aims to align with global agreements like the Convention on Biological Diversity (CBD) and the Nagoya Protocol.
Despite these opportunities, the document identifies significant challenges. These include underdeveloped research and development infrastructures, insufficient public awareness, limited funding, and threats from pollution, climate change, and illegal exploitation of marine resources.
To tackle these challenges, the Ministry of Marine and Blue Economy plans to collaborate with the National Biosafety Management Agency (NBMA) and the National Agency for Biotechnology Research and Development (NABRD). Together, they will work to create regulations to ensure biosafety and sustainability in the blue biotechnology arena.
Furthermore, strategic initiatives outlined in the framework include the establishment of blue biotechnology incubation centers, promoting technology transfer from leading nations like Norway, Japan, and the United States, and integrating biotechnology modules into undergraduate bioscience programs. These initiatives aim to equip young Nigerians with skills necessary for thriving in this evolving sector.
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