Emeka Moses
By Okeleke U.J.
While the world has been animated and agog with endless political statements about the “green economy,” the island nation of Seychelles, in the western Indian Ocean, with opulent and dense tropical vegetation, beautiful beaches, and a wide variety of marine life. has long turned its gaze toward the vast expanse of blue. From issuing the world’s first sovereign “blue bond” to protecting its ocean waters, Seychelles is today enjoy full rapid recognition as the first country to systematically place the “blue economy” at the core of its national value and development strategy.
Bringing into Being of the “Blue Economy” Concept
Blue Economy has overtime in Nigeria appear as a new word since the inception of Tinub’s administration and creation of additional ministries of which one of it is Marine and Blue Economy. Blue Economy; the sustainable use of ocean and water resources endow by the mother nature for economic growth, with the added value for jobs creation, improvement of livelihoods; and protection of the health of the water ecosystem. The focus basically includes water: Fishing and Aquaculture; fishing, Shipping and Ports, like Lagos ports, Apapa, Lekki Deep Sea Port, Oil & Gas; offshore drilling, Tourism; beach resorts, coastal tourism, Renewable Energy; wind, wave, tidal power from the ocean, Seabed Mining; minerals from the ocean floor, The Blue Economy is very important to the nation Nigeria because the nation have a long coastline and huge waterways.
The concept of the “blue economy” was born in Africa and set sail from Seychelles. Its key driving force was former Seychelles President James Michel, who as early as 2008 restructured the nation’s financial strategy, placing the ocean at the center of economic and foreign policy. Reflecting on this, he noted: “The idea was born out of necessity, but also out of realism and a vision of hope; it was born where the ocean could be seen and heard.” In 2012, Small Island Developing States (SIDS) formally articulated the “blue economy” concept for the first time at the Rio+20 Summit, with Seychelles being one of its most active advocates.
Pioneering Financial Innovation: The World’s First Sovereign Blue BondIn October 2018, with the support of the United Nations, Seychelles issued the world’s first sovereign blue bond, raising $15 million to fund sustainable marine and fisheries projects. International financial institutions, including the World Bank, have highly praised this initiative. Seychelles also established the Seychelles Conservation and Climate Adaptation Trust (SeyCCAT), which converts debt relief into funding for marine conservation. The country has legally protected over 30% of its maritime territory as Marine Protected Areas (MPAs), achieving the “30×30” target of the Kunming-Montreal Global Biodiversity Framework years ahead of schedule. It is also among the first African nations to ratify the High Seas Biodiversity Agreement (BBNJ Agreement).
Implications for Developing Countries
Seychelles’ practice demonstrates that marine protection is not an obstacle to development but rather a cornerstone of prosperity. Tourism accounts for approximately 21% of its GDP, while fisheries support the food security and livelihoods of thousands of families. Seychelles has also established a dedicated blue economy department and implemented marine spatial planning. Former President Danny Faure once called the blue economy “the next frontier of our development.”
From pioneering the concept, to issuing the world’s first blue bond, to establishing large-scale marine protected areas, Seychelles offers the world a complete blueprint for developing a blue economy. For any nation blessed with marine resources, Seychelles’ experience is well worth in-depth study and emulation. The Vanguard of Global Marine and Blue Economy Exploration did not just begin. Seychelles is widely recognized as the first nation to operationalize the blue economy; turning it from a concept into national policy, institutions, finance, and marine governance. Though “marine and blue economy” may sound new, Seychelles began pioneering it well before it became a global buzzword.
Important Lessons for the Nigeria Government and its Agency – NIMASA:
Seychelles Under President James Michel, Seychelles started framing the ocean as the core of national development around 2008 and launched its Blue Economy Vision in 2014. Seychelles created one of the world’s first dedicated blue economy ministries in 2015 and adopted a Blue Economy Strategic Framework and Roadmap (2018–2030). Seychelles pioneered ocean finance: a 2016 debt-for-nature swap for marine conservation and the world’s first sovereign blue bond in 2018 ($15 million) for sustainable fisheries. Seychelles Funds were channeled through mechanisms like the Seychelles Conservation and Climate Adaptation Trust (SeyCCAT). Seychelles completed marine spatial planning across its EEZ, protected 32% of its EEZ, and became the first African country to integrate ocean literacy into school curricula. Today The World Bank and UN cite Seychelles as a model for small islands and developing states.
In conclusion, is Nigeria Government ready to do what Seychelles did without corruption, without sniffing life out of it through the corrupted politicians and ever corrupting society and system? Seychelles did not end up a blue economy project on paper; rather institutionalized, financed, and implemented it at national scale to the benefit and profit of the entire nation.
