India to assist Nigeria harness untapped $2.5tr ocean resources 

The Consul General of India in Lagos, Shri Chandramouli Kern, has assured India’s commitment to assist Nigeria in harnessing the potential of its blue economy, particularly its untapped ocean resources valued at N2.5 trillion.

In an interview at a recent conference, Kern emphasised the economic potential of Nigeria’s coastline, describing it as “the new gold” for growth and investment.

He noted that, despite its vast marine resources, Nigeria’s blue economy remains underdeveloped, presenting a significant opportunity for the country’s economic growth.

Recognising the expansive coastlines that both countries share, Kern highlighted India’s well-established expertise in fisheries and aquaculture, noting that India is well-positioned to assist Nigeria in building its marine industries through capacity-building and knowledge transfer.

He proposed that Nigerian officials and marine industry stakeholders could benefit from training programmes offered by India, including the Indian Technical and Economic Cooperation (ITEC) course, which develops skills in various sectors, including fisheries.

Kern explained that the ITEC courses are entirely free of charge, with the Indian government covering all expenses, including visa processing, airfare and transport.

He explained that Nigerian officials would gain valuable insights into advanced aquaculture practices, such as shrimp and prawn farming, potentially transforming Nigeria’s approach to marine resources.

“If the blue economy and fisheries department officials of Nigeria want to participate in such a course, we can make arrangements for them,” Kern said.

In terms of trade, Kern acknowledged that the volume of trade between India and Nigeria fluctuates between $9 billion and $15 billion.

Beyond knowledge transfer, Kern sees potential for joint ventures between Indian and Nigerian marine businesses, fostering a “win-win situation” that could benefit both nations by sharing resources, expertise, and technology.

On Nigeria’s side, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, acknowledged the pressing challenges in Nigeria’s maritime sector, from rapid technological advancements to sustainability and global trade demands.

Mobereola advocated for investment in modern safety technologies and capacity-building efforts as essential steps toward unlocking Nigeria’s blue economy.

Meanwhile, the General Manager of Haano Marine Product Limited, Sabir Ali, highlighted the potential for Nigeria to capitalise more fully on its blue economy, especially its fisheries.

He noted, however, that Nigeria’s fishing industry faces numerous challenges, including high costs, fluctuating exchange rates, high customs duties, and limited local production of certain fish species.

Ali explained that the volatile exchange rates and the Naira’s unpredictable value against the dollar create pricing instability for businesses in the fishing industry, which depend on foreign currencies to import seafood from markets as far as Uruguay, Argentina, Norway, and Russia.

Addressing these issues, Ali suggested that the government reduce import duties and stabilise the Naira, which could make seafood more affordable.

When asked if Nigeria could produce these specific types of fish locally, Ali explained that these varieties are not typically found in Nigerian waters.

He said while Nigeria has other fish types, they are often more expensive due to factors such as farm feed and chemical treatments.

Despite these challenges, Ali believes that with government support, Nigeria’s fishing sector could flourish, positioning the nation as a potential leader in global seafood markets.

The President of the Nigerian Trawler Owners Association (NITOA), Bennedette Okonkwo, also urged the government to invest in aquaculture.

She noted that most of Nigeria’s trawlers are licensed for shrimping rather than general fishing, which has limited domestic fish production.

Without swift intervention, Okonkwo warned, the trawling industry could collapse, making Nigeria even more reliant on imported seafood.