Nigeria’s aquaculture can generate $296bn annual revenue – WAS

“Nigeria, with its expansive coastline of 870km and rich marine resources, holds tremendous potential for a thriving blue economy,”

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Nigeria’s aquaculture can generate $296bn annual revenue - WASThe World Aquaculture Society (WAS), African chapter, in the West African region, says Nigeria’s aquaculture sector has the potential to generate an annual revenue of 296 billion dollars.

Mr Lanre Badmus, Director, West African Region, WAS , said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

Badmus, who lauded President Bola Tinubu’s administration for creating the Ministry of Blue economy and Marine, noted that if well harnessed the sector would increase income generation for the country.

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He explained that the opportunities in the maritime sector if well tapped had the potential of generating resources in a sustainable and environmentally friendly manner.

“The untapped potential of Nigeria’s blue economy can be worth 296 billion dollars, significantly boosting the overall GDP of the country.

“With the brand new ministry for the blue economy, Nigeria can be on the brink of unlocking new opportunities in its aquaculture sector.

“With the right goals, objectives and policy plans of the new ministry, it has the opportunity of ensuring food security, job creation, growth and poverty eradication.

“Nigeria, with its expansive coastline of 870km and rich marine resources, holds tremendous potential for a thriving blue economy,” said Badmus.

The expert, therefore, urged the new ministry to explore all avenues to boost the sector’s productivity and profitability.

“The potential of the Nigerian aquaculture sector can create millions of new jobs in various sectors like fishing, aquaculture, maritime transport, tourism and renewable energy.

“We urge the Ministry of Blue economy and Marine to look into the new sector such as the fisheries with a possible estimated capacity to generate a total potential direct value of 13.125 million dollars annually.

“Knowledge, capacity and operational capability should be explored across five primary innovative themes, which include but not limited to technology, scientific, social, political and governance, physical and economic growth,” he said.

BRANDPOWER reports that WAS is an organisation dedicated to aquaculture science, technology and education, and provides leadership for enhanced international communications, collaboration and information exchange through its diverse membership and international networks.