Aquaculture in Nigeria holds $296bn annual revenue potential-WAS 

The World Aquaculture Society (WAS), African chapter, has projected that Nigeria’s aquaculture sector holds the potential to generate an annual revenue of $296 billion. 

Speaking in an interview with the News Agency of Nigeria (NAN), Lanre Badmus, the Director of the West African Region of WAS, commended President Bola Tinubu’s administration for establishing the Ministry of Blue Economy and Marine. 

Badmus emphasized that harnessing the untapped potential of the maritime sector could significantly increase income generation for the country, contributing to sustainable and environmentally friendly resource utilization. 

 What he said,

  • 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 to ensure food security, job creation, growth and poverty eradication. 

What you should know 

.According to him the potential for the Nigerian aquaculture sector to create millions of new jobs in various fields, including fishing, aquaculture, maritime transport, tourism, and renewable energy.

Badmus urged the ministry to explore and exploit opportunities in fisheries, estimating a total potential direct value of $13.125 million annually.  

He encouraged the ministry to prioritize knowledge, capacity building, and operational capabilities across innovative themes such as technology, science, social aspects, political and governance considerations, and physical and economic growth. 

As an organization dedicated to aquaculture science, technology, and education, the World Aquaculture Society (WAS) provides leadership for enhanced international communications, collaboration, and information exchange through its diverse membership and international networks.

The positive projections for Nigeria’s aquaculture sector underscore the importance of strategic initiatives and policies to unlock its vast economic potential. 

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