April 11, 2007

Nigeria sees a future in aquaculture

Nigeria has invested N7.58 billion (US$58.6 million) in the Fisheries sub-sector in Nigeria as at 2006, according to President Olusegun Obasanjo.

The information was revealed at the country's First International Catfish Fair.

The sector was hailed as the fastest growing in the country's agricultural sector. Aquaculture output had increased by 29 percent in the past one year while industrial fisheries had also grown by 5 percent and 10 percent respectively.

President Obasanjo said the phenomenal growth in the fisheries sub-sector was a result of large-scale investments in aquaculture and resulted in Nigeria taking the lead in fish production in Africa.

He further disclosed that there has been an appreciable increase in the number of hatcheries for the production of fingerlings, high quality fish feed mills and remunerative prices for catfish. He also added that Nigeria now has the capacity to produce over 40 million fingerlings annually.