Blue Economy refers to the sustainable use of ocean resources for economic growth, improved livelihoods, and ocean health. It encompasses; Fishing and Aquaculture (Sustainable fishing practices and fish farming,) Maritime Transport (Shipping, ports, and logistics) Tourism and Recreation (Coastal tourism, cruise ships) and marine-based activities Renewable Energy ( Offshore wind, wave, and tidal energy) Marine Biotechnology (Research and development) of marine resources
During the appointment of Ministers in 2023, President Bola Ahmed Tinubu, GCFR, created the Ministry of Marine and Blue Economy to accelerate economic growth and create jobs for our Youths. However, many institutions, organisations and individuals are yet to identify the potential and opportunities in this sector.
But in this article, we will look at fishery and fish importation.In 2023, Nigeria imported approximately 2.2 million tons of fish with a value of $758.62 million. The country’s fish demand stands at 3.6 million tons annually, while local production covers only 1.2 million tons, leaving a deficit of 2.4 million tons that is primarily accommodated through imports
According to Dr. George Oboh, Managing Director / Chief Executive Officer, Ogwadi Fish Farm, “fishery is one of the most profitable businesses in the world. Apart from. the wide consumption of fish, it creates employment for a large number of people, both young and old. It contributes significantly to the nation’s GDP. In 2021, the fishery sector contributed 1.16% to the nation’s GDP. It also contributes to the well-being of citizens with adequate consumption. Fish is an excellent source of nutrients to the body, offering different benefits to human beings.In Ogwadi Fish Farm, we have over 70 staff and workers in our payroll, working on 25 hectares of land. We are currently supplying fish to various notable hotels in Nigeria. Our fishes are natural as we raise them directly. We have the capacity to produce fish for 20% of the hotels in the country. With government interest and support for fish farming, Nigeria can be a major exporter of fish.Ogwadi Fish Farm is located in Agiere Community, in old Auchi – Agenebode road, Edo State.