Nigeria’s commitment to boosting its blue economy and enhancing food security has been underscored by a significant increase in domestic fish production and the announcement of a new, affordable loan scheme for local fishermen.
Adegboyega Oyetola, the Minister of Marine and Blue Economy, disclosed on Wednesday that Nigeria’s fish output has risen from 1.1 to approximately 1.4 million metric tonnes since the Ministry was established in August 2023. This marks a vital step towards closing a critical supply gap that currently necessitates costly fish imports, which consequently drain the nation’s foreign exchange reserves.
Speaking at the close of the 16th Conference of Ministers of the Fisheries Committee for the West and Central Gulf of Guinea (FCWC) in Lagos, the Minister emphasised that this improvement is a direct result of ongoing efforts to strengthen local capacity through technological interventions and better regional coordination.
In a move aimed squarely at economic diversification and supporting small-scale businesses, the Federal Government has begun talks with the Bank of Industry (BOI) to provide single-digit interest loans for artisanal fishermen across the country. This initiative is designed to empower local fishers, who often struggle to access capital from commercial banks, to expand their production capacity.
“We are already in discussions with the Bank of Industry to look at the possibility of making single-digit loans available to fishermen,” Mr Oyetola stated. “Institutions like BOI can do that, and we are in touch with them to facilitate this process so that fishermen can get support at a sustainable rate.”
This financial injection, which will be facilitated through cooperative structures, is a key component of the government’s strategy to not only enhance fish production and value chain development but also to reduce Nigeria’s reliance on imported fish, a trade that currently costs the country billions of dollars annually. Furthermore, the Ministry is actively exploring the establishment of local feed mills to reduce production costs and plans to upgrade storage facilities to help fishermen preserve their catch for longer than a single day.
The Minister also highlighted the critical economic threat posed by Illegal, Unreported, and Unregulated (IUU) fishing. He confirmed that foreign vessels illegally exploiting Nigeria’s 200 nautical miles of exclusive economic zone are causing the country to lose billions of naira annually.
“The only way out is technology,” Mr Oyetola stressed. He explained that foreign vessels often switch off their monitoring systems after crossing borders to harvest Nigerian fish, which is then sold back to the country as imported produce. “With the deployment of modern monitoring technologies, we can reduce this to the barest minimum.”
This technological push is being paired with stronger regional cooperation. The Ministry is dedicated to working with other FCWC member states to ensure effective monitoring and shared intelligence to curb illegal fishing across borders.
In his remarks, the outgoing FCWC Chairman, Cyrus Saygbe, lamented the massive financial losses African nations face due to IUU fishing, which he put at billions of dollars annually. He commended Minister Oyetola’s commitment to regional cooperation, expressing optimism that joint patrols and technological innovations will mitigate the scourge.
“The Gulf of Guinea still experiences huge exploitation from illegal fishing, and that has been one of the biggest challenges for the FCWC,” Mr Saygbe said. “We need to innovate and introduce technologies that can outsmart these operators.” He noted that the passage of the World Trade Organisation (WTO) Bill would also help to checkmate powerful countries that support illegal fishing in African waters.
The focus remains on designing internal strategies to protect collective waters, reinforcing the strength of regional cooperation as the foundation for a more sustainable and economically viable fishing industry.
