Finance key to unlocking Nigeria’s fisheries potential — FCFN
Finance key to unlocking Nigeria’s fisheries potential — FCFN
Abdullateef Fowewe
The Acting President of the Fisheries Cooperative Federation of Nigeria (FCFN), Mashi Gabriel Sani, has emphasised that access to finance is critical for unlocking the vast potential of Nigeria’s fisheries sector and bridging the current two-million-tonne annual fish supply deficit.
Sani while speaking under the theme “From Policy to Impact: Finance is Key,” at one-day Citizens and Stakeholders’ Engagement for the Federal Ministry of Marine and Blue Economy and its agencies held on Thursday, at Eko Hotel & Suites, Lagos highlighted the pressing gap between Nigeria’s fish demand and domestic production.
Sani stressed, “We possess a wealth of brilliant policies and ambitious goals. However a blueprint without adequate financial backing remains an aspiration, a wish.”
He emphasised sustainable financing as the essential catalyst to “transform potential into prosperity, and policies from documents into tangible, impactful realities – creating jobs, generating wealth, and ultimately, securing the food security of millions of Nigerians.”
The federation painted a stark picture: Nigeria demands over 3.6 million metric tonnes of fish annually but falls short by more than 2 million metric tonnes.
This deficit is met through costly imports, which “not only drain our valuable foreign exchange reserves but also export much-needed jobs beyond our shores.”
Sani outlined major challenges faced by fishers and aquaculture farmers: Limited access to affordable credit, hindering investment and expansion; Exorbitant interest rates from commercial banks; Inadequate insurance coverage exposing fishers to production risks; Underdeveloped infrastructure stifling value chain growth
To address these, FCFN proposed actionable financing pathways including the creation of a Dedicated Fisheries and Aquaculture Development Fund with single-digit interest rates, leveraging cooperative financing models to de-risk lending, and embracing innovative public-private partnerships and impact investments.
Highlighting the potential of new financing tools, Sani called for the issuance of Nigerian Blue Bonds to raise capital for vital infrastructure projects, noting successful models in Seychelles and Kenya. He also urged strategic access to international development funds and robust insurance mechanisms to protect fishers and build investor confidence.
Concluding, Sani made a unifying call, “Finance is the essential master key If we succeed, we will not only close our import deficit and conserve billions in foreign exchange but also unleash a wave of opportunity uplifting millions of Nigerians.”
He affirmed FCFN’s readiness to partner with the government and stakeholders in delivering inclusive financing mechanisms to propel Nigeria toward food self-sufficiency and leadership in the global blue economy.
