NAVIGATING NEW WATERS: BLUE ECONOMY DEVELOPMENT AND ENTREPRENEURIAL DYNAMICS IN NIGERIA

Abstract

Background: The Blue Economy paradigm presents emerging economies with transformative opportunities for sustainable development through ocean resource utilization. Nigeria, with extensive marine endowments, seeks to diversify its oil dependent economy through blue growth, yet empirical understanding of entrepreneurial dynamics within this nascent sector remains limited.

Methods: This mixed-methods study employs sequential exploratory design, combining 32 semi-structured interviews with blue economy stakeholders and a survey of 187 entrepreneurial ventures across Nigeria's coastal states. Quantitative data were analysed using structural equation modelling, while qualitative data underwent thematic analysis using NVivo 12.

Findings: Three distinct entrepreneurial archetypes emerge: (1) Necessity-driven informal operators (42.8%), primarily in artisanal fisheries; (2) Transitional opportunity-seekers (38.5%) in aquaculture and coastal tourism; and (3) Innovation-oriented ventures (18.7%) in marine biotechnology and waste vaporization. Key constraints include fragmented regulatory frameworks (β = -0.67, p < 0.01), limited blue finance mechanisms (β = -0.59, p < 0.01), and infrastructural deficits in cold chains and port facilities. Entrepreneurial success correlates strongly with social network embeddedness (β = 0.48, p < 0.05) and digital technology adoption (β = 0.52, p < 0.01).

Policy Implications: Findings suggest Nigeria's blue entrepreneurial ecosystem operates in institutional voids, with formal policies poorly aligned with grassroots realities. We propose a tripartite framework for blue entrepreneurial development: regulatory coherence through a single maritime authority, innovative blue financing instruments, and hybrid public-private infrastructure development.