The Federal Government, in collaboration with the Food and Agriculture Organization (FAO), has unveiled a N200 million support initiative to boost aquaculture in Nigeria.
This initiative is also expected to help meet the country’s annual fish demand.
Mr. Wellington Omoragbon, Director of Fisheries and Aquaculture at the Federal Ministry of Marine and Blue Economy, spoke at the inauguration of the Scaling Fish Farming through Finance initiative (Access to input finance under the FISH4ACP project) held at the Eriwe fish farming cluster in Odogbolu, Ogun State.
Represented by Mr. Paul Opuama, Director II at the ministry, Omoragbon said the initiative aims to promote the sustainability of Nigeria’s fisheries resources.
He also commended FAO and other development partners for their support in helping Nigeria improve its fish production capacity.
Access to finance, rising feed costs hinder farmers
He disclosed that Nigeria, with its abundant water bodies, should be able to harness these resources to increase fish production.
Omoragbon explained that access to finance, particularly the skyrocketing cost of feeds, is a major challenge fish farmers face in the country.
“We know that one of the major challenges confronting fish farmers is finance, especially the soaring prices of feeds. But with partnerships like this, we will be able to support our farmers and help bridge the fish production deficit,” he said.
FAO urges end to fish importation
In his remarks, the representative of FAO in Nigeria and West Africa, Mr. Koffy Kouacou, called for urgent action to end the country’s annual importation of two million metric tonnes of fish.
He explained that the project, funded by the European Union in collaboration with other development partners, is primarily aimed at improving access to finance fish farmers to enhance local fish production.
40 farmers to benefit under pilot scheme
According to him, under the pilot phase of the project, 40 fish farmers will receive between N2.5 million and N5 million each totaling about N200 million to scale up their fish farming businesses and boost production.
“We are supporting 40 pilots, and each farmer will receive between N2.5 million and N5 million to boost their production,” he said.
He disclosed that the essence of the initiative is to strengthen the capacity of fish farmers to produce more fish locally, create additional business opportunities in aquaculture, and ultimately help end fish importation in the country.
“So, we are here at the Eriwe fish cluster, in collaboration with both the Ogun and Federal Governments, as well as partnering financial institutions, to launch this project,” he said.
“It will enable farmers to access the required financing to scale up their fish farming businesses and help bridge the country’s fish production deficit.”
Also speaking, the Programme Manager for Agriculture at the European Union Delegation to Nigeria, Mr. Hugh Briggs, noted that the FISH4ACP project is being implemented in 12 countries globally, with Nigeria receiving the lion’s share of the grant.