The President of Kenya, William Ruto, is scheduled to convene a summit on Africa’s blue economy, which is predicted to grow to $405 billion 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 Punch.
The organizers stated that the blue economy of the continent is generating $300 billion annually and supporting 50 million jobs in the tourist, transportation, fishing, and aquaculture sectors, as well as in cutting-edge industries like biotechnology and renewable energy.
In addition, it stated that the Blueinvest Africa 2024 event, scheduled for July 2, 2024, in Diani, Kenya, is expected to provide attention to this thriving industry.
“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.
The event, which is being hosted by the European Union and the Government of the Republic of Kenya, is intended to draw investors to Africa’s developing blue economy.
There will be six themed pitching sessions, during the event, where 29 African entrepreneurs will showcase their creative ideas in a range of blue economy industries.
According to the organisers, these entrepreneurs were chosen based on their professionalism and are looking for funding to expand their projects from design to commercialization in African markets
They revealed that 17 African nations—Botswana, Cameroon, Côte d’Ivoire, Ghana, Kenya, Madagascar, Malawi, Morocco, Namibia, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, Tanzania, Togo, and Tunisia—are home to the chosen entrepreneurs.
“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 explained.
The Vice-Chancellor of Maduka University, Enugu State, Professor Charles Ogbulogo, had earlier stated in March that Nigeria’s blue economy had enormous potential and, with the right use, could boost the nation’s GDP by $1.5 trillion.
