Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, recently made a bold claim that the nation’s fishing industry can take over from the oil sector if properly harnessed. While this statement carries an aspirational tone, it is crucial to examine the feasibility of such an assertion and the challenges that currently plague the fishing industry.
First, let’s acknowledge the significant contribution of the fishing industry to Nigeria’s economy. As highlighted in the article, the fishing trawler business alone operates with a turnover ranging from $80 million to $100 million per annum. This figure demonstrates the industry’s potential to generate substantial revenue and employment opportunities.
However, the path to surpassing the oil sector is riddled with obstacles that cannot be ignored. One of the major challenges cited by stakeholders is the soaring cost of Automotive Gas Oil (AGO), also known as diesel. According to the Fishing Trawlers Association of Nigeria, the cost of fueling a vessel for a 50-day fishing trip has skyrocketed from N30-35 million to a staggering N140-150 million. This astronomical increase in operational costs significantly erodes profitability and threatens the sustainability of fishing businesses.
Furthermore, the article highlights the difficulties faced by fishing trawler operators in accessing foreign exchange and procuring essential supplies. These challenges, compounded by the risks posed by piracy and insecurity in Nigerian waters, create a hostile environment that stifles growth and investment in the industry.
While the Minister’s optimism is commendable, it is essential to address the critical issues plaguing the fishing industry before entertaining lofty aspirations of surpassing the oil sector. Practical solutions must be sought to combat the escalating costs of diesel, improve access to foreign exchange, and enhance maritime security.
Additionally, the government must prioritize infrastructure development, including modernizing fishing ports, cold storage facilities, and transportation networks. These investments are crucial to enhancing the industry’s efficiency, reducing post-harvest losses, and increasing the competitiveness of Nigerian fishery products in both domestic and international markets.
Moreover, sustainable fishing practices and effective regulation are indispensable to ensure the long-term viability of the industry. Overfishing and environmental degradation pose significant threats to the marine ecosystem, which could ultimately undermine the fishing industry’s potential for growth.
In conclusion, while the fishing industry holds promise and should be nurtured as a vital component of Nigeria’s economic diversification efforts, the assertion that it can surpass the oil sector appears premature. Before such aspirations can be realized, the government must collaborate closely with industry stakeholders to address the myriad challenges currently hampering the sector’s growth and profitability. Only through a comprehensive and well-executed strategy can the fishing industry truly emerge as a formidable economic force capable of contributing significantly to the nation’s prosperity.
Reference
Fishing industry can surpass oil sector – Minister published in punch Agency Report