Kenya is looking to attract additional investments into its blue economy sector as the country prepares to host the inaugural ocean conference later this month.
According to Fisheries and Blue Economy Principal Secretary Betsy Njagi, Kenya’s blue economy sector still remains largely untapped despite immense potential.
“The potential for blue economy in Kenya is Ksh 350 billion. Currently we are Khs 39 billion. So you can see there is around Ksh 300 billion that is still untapped. The entire trade in the world, happens in the maritime sector, over 90pc. But there are opportunities to bring Kenyan companies into this space,” said Njagi.
The blue economy is estimated to contribute about 2.5pc to the Kenyan economy against a potential of about 20pc.
Blue Economy stakeholders believe Kenya could realize additional value from its Indian Ocean resources by securing the marine ecosystems.
“While currently considered below the global average, the sector remains a top economic priority, supporting millions of livelihoods through fisheries, coastal tourism, and maritime transport,” added Njagi.
The inaugural ‘Our Ocean Conference’ slated for later this month will focus on marine conservation, climate resilience, and sustainable blue economy investment could unlock more opportunities.
“Its significance lies in moving beyond speeches and into action, encouraging governments and stakeholders to make tangible pledges, investments, and policy reforms that protect marine ecosystems while unlocking economic opportunity,” said Nancy Ogonje, the Executive Director of the East African Wild Life Society (EAWLS).
The stakeholder highlighted rampant illegal, unreported, and unregulated fishing, low skills and outdated equipment and technologies as some of the top challenges slowing the blue economy sector.
