Wednesday, February 19, 2025
26.9 C
Lagos

West Africa: Maritime Industry Could Generate $3.3bn

Maritime industry in West Africa could in the years to come create 300,000 jobs and generate $3.3 billion of revenues against $400 million presently.

This was revealed in a report from Overseas Development Institute (ODI) and the Spanish Investigation Journalism Organisation, porCausa.

Entitled West Africa’s missing fish, the report states that to achieve this goal, West African governments must reduce illegal non-declared and non-regulated (INN) fishing and invest in the sector. INN fishing cost a nation like Senegal $300 million in 2012, which is 2% of its gross domestic product (GDP).

Between a third and half of Africa’s total catches falls to the practice, reveals the report which adds that Senegal and Nigeria had more than half of their stocks overexploited.

According to Alfonso Daniels who produced the report, “the scale of the losses is enormous. Instead of jobs and development, the livelihoods of artisanal fishers are being decimated by foreign fishing fleets, which operate virtually unchecked.”

The document also highlights that if investment in fish processing grew and West African governments would improve their awareness about the issue, their populations would eat better food.

–Aaron Akinocho

spot_img
spot_img
spot_img

Hot this week

NCDMB Chief Visits Samsung, Africoat, Insists on Patronage of Local Facilities

The Executive Secretary, Nigerian Content Development and Monitoring Board...

Engr Jimi Onanuga Honoured at 93rd Anniversary of ICOBA

Engineer Jimi Onanuga (left) received Prestigious Service to ICOBA...

NCDMB, Starzs Gas, Upbeat about Industrialisation at Ceremony for Integrated CNG Project

General Manager, Corporate Communications and Zonal Coordination, Nigerian Content...

Cairo Ojougboh: Family Marks One Year Memorial with Charity Outreach

Mrs. Bose Ojougboh, wife of the Late Dr. Cairo...

Let the DISCOs Die for Nigerians to Have Light

By Michael Owhoko, Ph.D The unending darkness permeating Nigeria today,...

Topics

‘New Mortgage Policy Will Catalyze Pension Industry, Boost Economy’- PENOP

The Pension Operators would like to commend the National...

Great Nigeria Insurance Reports N5bn Annuity Growth in Qtr 1, 2021

Mrs. Cecilia O. Osipitan Managing Director/CEO, Great Nigeria Insurance Plc Great...

2019 Africa Visa Openness Index: AU, AfDB Reports Improved Visa Regime in Africa

For the first time, African travellers have liberal access...

NCDMB, NLNG, Shell, Others for 11th Practical Nigerian Content Forum Dec 5

  Deepening Nigerian Content Opportunities in the Decade of...

Brokers Target Generation of 90% Premium in Insurance Sector

    L-R: Mr. Atanda Olatokunbo, Controller, Internal Audit & Compliance,...

S&P Issues Red Alert on Nigerian Banking Sector

US rating agency, Standard & Poors revised its counter-party...

Stanbic IBTC Pension Managers Highlight Unique Transfer Window Opportunity

Nigerian leading pension services provider, Stanbic IBTC Pension Managers,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img