According to projections made by the African branch of the World Aquaculture Society (WAS), Nigeria’s aquaculture industry has the potential to bring in $296 billion annually.
The Ministry of Blue Economy and Marine was established by President Bola Tinubu’s government, which was applauded by Lanre Badmus, the Director of WAS’s West African Region, in a recent speech.
Badmus stressed that the country’s ability to generate cash might be greatly increased by utilizing the unexplored potential of the marine sector, which would also support the sustainable and ecologically friendly use of resources.
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“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.
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.
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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.
