Africa’s thriving blue economy, encompassing traditional sectors like fishing, aquaculture, tourism, and maritime transport, as well as emerging fields such as biotechnology and renewable ocean energy, is poised for exponential growth. Currently generating $300 billion in revenue and employing 50 million people, this dynamic sector is projected to reach a staggering $405 billion by 2030, underscoring its strategic importance for economic growth and job creation across the continent.
In recognition of the blue economy’s immense potential, the President of Kenya, William Ruto, will host the highly anticipated BlueInvest Africa 2024 forum on July 2, 2024, in Diani, Kenya. Organised by the European Union in collaboration with the Kenyan government, this landmark event aims to attract investors and catalyse the development of Africa’s burgeoning blue economy.
The forum will feature six themed pitching sessions, where 29 innovative African entrepreneurs from 17 countries, including Botswana, Cameroon, Côte d’Ivoire, Ghana, Kenya, Madagascar, Malawi, Morocco, Namibia, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, Tanzania, Togo, and Tunisia, will present their cutting-edge projects spanning various blue economy sectors.
These entrepreneurs, carefully selected for their professionalism, dynamism, and capacity for innovation, are seeking funds to advance their initiatives from design to commercialization in African markets. 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 even fashion will also be showcased, highlighting the diverse investment opportunities within the blue economy.
With Africa experiencing steady economic growth and a post-COVID recovery forecast by the African Development Bank at 3.8% in 2024 and 4.2% in 2025, the BlueInvest Africa 2024 forum presents a unique opportunity for investors to capitalise on the continent’s untapped blue economy potential.
As Professor Charles Ogbulogo, Vice-Chancellor of Maduka University in Enugu State, Nigeria, recently stated, “Nigeria’s blue economy holds great potential for the country and could contribute $1.5 trillion to the global economy if properly utilised.”
By bringing together entrepreneurs, investors, and stakeholders, BlueInvest Africa 2024 aims to unlock the vast economic potential of Africa’s blue economy, fostering sustainable development, job creation, and economic diversification across the continent.