How the blue economy can help alleviate poverty, inequality in Africa

The 52nd Session of the Conference of Ministers in Marrakesh, Morocco provided a platform for discussions on the fiscal policies needed for the effective implementation of the African Continental Free Trade Area in alignment with the 2030 Agenda and Agenda 2063. Amidst these discussions, CNBC Africa's Fifi Peters engaged in a conversation with David Pierre regarding the potential of the blue economy in addressing poverty, inequality, and unemployment in Africa. Pierre highlighted the critical need to focus on poverty alleviation as a means to generate wealth and income across the continent. The blue economy emerged as a promising sector that could be leveraged for economic growth, with its potential to create wealth through activities such as fishing, tourism, and aquaculture. Despite the abundance of oceanic resources in Africa, Pierre pointed out the lack of active policy implementation in this domain, emphasizing the importance of training professionals and experts in the field to engage on a global scale. The development of the blue economy was underscored as a relatively new concept that had gained traction in the past decade. Pierre stressed the urgent need for African countries to prioritize investment in this sector to harness its wealth-generating potential. He argued that strategic allocation of resources towards the blue economy could yield significant returns, which, in turn, could be redistributed to tackle poverty and enhance education and healthcare systems. By investing in education and other critical areas, countries could empower their youth and cultivate a skilled workforce poised to contribute to economic development across various sectors. Drawing from the example of Seychelles, Pierre cited the benefits reaped from exploiting maritime resources, particularly in fishing and tourism. The influx of tourists drawn to Seychelles' natural beauty, including its oceans, contributed substantially to the country's revenue. Moreover, sustainable fishing practices were emphasized to ensure the preservation of resources for future generations. Pierre highlighted Seychelles and Mauritius as exemplars of successful blue economy engagement, showcasing the diverse opportunities within this sector for driving socio-economic progress. In conclusion, Pierre's insights shed light on the transformative potential of the blue economy in Africa. By strategically investing in this sector and leveraging its wealth-generating capabilities, countries have the opportunity to mitigate poverty, reduce inequality, and create sustainable pathways for economic growth and development. As Africa continues to chart its course towards prosperity, the blue economy stands out as a beacon of hope for unlocking the continent's untapped potential and fostering inclusive growth for all its people.