May 17, 2022

Central Bank of Nigeria to finance growth of aquaculture

The Central Bank of Nigeria (CBN) said the aquaculture sector is one of the focal areas the apex bank seeks to concentrate on.

Arrangements have been concluded to finance the fish value chain to the next level. This was revealed by Samson Alatise, a representative from the Development Finance Department of the CBN, during the recent Norwegian Seafood Council capacity training for fishery officers and stakeholders held in Lagos.

"For now, we have Fish Champion, a committee set up to finance fish farming in Nigeria," Alatise said. "The problem we have with fish financing under our Anchor Borrowers' Scheme is lack of viable anchors to off-take the fish from the farmers.

"We hope with this capacity-building and training workshop, the issue of getting viable anchors will be addressed to boost the aquaculture sector."

- Blueprint