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Nigeria: Central Bank to fund the aquaculture value chain

aquaculture value chain

The aquaculture sector is one of the focus areas for the Central Bank of Nigeria (CBN), which claims it is prepared to finance the fish value chain to the next level.

This was revealed by Mr. Samson Alatise, a representative from the CBN’s Development Finance Department, at a four-day Norwegian Seafood Council capacity training for fishery officers and stakeholders that recently ended in Lagos, South-West Nigeria.

“For the time being, we have a ‘Fish Champion,’ a group that has been established to finance fish farming in Nigeria.

“The lack of suitable anchors to off-take the fish from the farmers is the challenge we face with fish finance under our Anchor Borrowers’ Scheme.”

“With this capacity-building and training event, we intend to address the issue of obtaining viable anchoring in order to strengthen the aquaculture sector,” Alatise stated.

Minister of Agriculture and Rural Development (FMARD), Mahmood Abubakar, praised the project, saying that the country’s fishing and aquaculture potential is enormous.

The Minister, who was represented by Imeh Umeh, Director of Fisheries and Aquaculture, stated that the underutilization of resources and potential in Nigeria needed to be addressed immediately.

“I have no doubt that this training would assist in the development of our fisheries officers/stakeholders on the best management practices approved globally,” Abubakar added.