African stakeholders to discuss $300bn blue economy

The President of Kenya, William Ruto, is expected to host a forum on Africa’s blue economy projected to reach $405bn by 2030.

This was disclosed in a press release titled ‘Blueinvest Africa 2024: An Invitation to Investors to Support the Blue Economy in Africa.’

According to the organisers, the continent’s blue economy is generating $300bn in revenue and employing 50 million people in fishing, aquaculture, tourism, and transport, as well as innovative fields such as biotechnology and renewable energies.

It added that the Blueinvest Africa 2024 event, set to take place on July 2, 2024, in Diani, Kenya, is poised to spotlight the dynamic sector.

“Africa is experiencing steady 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, which includes traditional economic activities such as fishing, aquaculture, tourism, and transport, as well as innovative activities such as biotechnology and renewable energies, currently generates revenues of $300bn and employs 50 million people.

“By 2030, the sector is expected to be worth $405bn, underscoring its strategic importance for economic growth and job creation,” the statement explained.

Organised by the European Union in collaboration with the Government of the Republic of Kenya, the event aims to attract investors to Africa’s burgeoning blue economy.

The event will feature six themed pitching sessions, where 29 African entrepreneurs will present their innovative projects across various blue economy sectors.

According to the organisers, these entrepreneurs have been selected for their professionalism and are seeking funds to advance their initiatives from design to commercialisation in African markets.

They disclosed that the selected entrepreneurs hail 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, selected for their professionalism, dynamism, and capacity for innovation, are looking to raise funds to take their initiatives to the next level.

“While aquaculture is the most represented sector, reflecting its critical role in food security strategies, other sectors such as waste recycling, transport, food processing, and fashion will also be showcased. This diverse representation highlights the wide range of investment opportunities available within the blue economy,” the statement indicated.

In March, According reported that the Vice-Chancellor of Maduka University, Enugu State, Professor Charles Ogbulogo, said Nigeria’s blue economy held great potential for the country and could contribute $1.5tn to the global economy if properly utilised.