THE INTRODUCTION OF THE BLUE ECONOMY AND ITS IMPLICATIONS ON THE NIGERIAN TAX REGIME

Abstract

The Blue Economy concept is a relatively new paradigm that transcends traditional notions of ocean-related economic activities. It encompasses a wide range of sectors, including fisheries, aquaculture, maritime transport, offshore renewable energy, marine biotechnology, and coastal tourism, among others that are of economic advantage to the country. Unlike conventional ocean-based economies, the Blue Economy seeks to balance economic growth with the long-term health of ocean ecosystems. With the dwindling terrestrial resources in Nigeria, attention is given to the emerging Blue Economy with a view to harnessing the opportunities and potentials in it. Nigeria’s maritime architecture is weak, leading to the sector performing far below its revenue generating potential aside oil export and import. The laws should be configured in a manner that maritime assets can be maximized to improve fiscal liquidity on the part of government. The aim of this research is to explore the implications of the introduction of the Blue Economy on the Nigerian tax regime. This study will explore the current state of Nigeria's tax regime in relation to the Blue Economy, identify potential gaps and challenges and propose recommendations for reform. By doing so, it aims to contribute to the broader discourse on how Nigeria can effectively integrate the Blue Economy into its economic and fiscal strategies, ensuring that the country reaps the full benefits of its maritime resources in a sustainable and inclusive manner. The methodology adopted by this work is doctrinal method of legal research and adopting analytical approach in examining the extant laws and literature. The source of data collection for this work are primary sources of law such as statutes and conventions, case laws; and secondary sources of laws such as internet materials, journals articles and textbooks of renowned authors. Following a comprehensive analysis of relevant statutes, international legal instruments, case laws, journal articles etc., the researchers found that the introduction of the Blue Economy necessitates a comprehensive review of Nigeria's tax laws and policies. This is in order to expand their scope and application. It is a significant step forward in the efforts to harness its maritime potential for revenue generation and holistic development as same creates opportunities for revenue generation beyond the traditional sectors such as oil and gas. It is recommended inter alia for the development of a tax regime that would not only supports the growth of maritime industries but also aligns with the principles of sustainability and equity.