By Straightnews
India is committed to assist Nigeria in harnessing the potentials of its untapped blue economy resources put at $296 billion.
Speaking in Lagos recently, the Consul-General of India in Lagos, Shri Chandramouli Kern outlined the economic potentials of Nigeria’s coastline, describing it as the new gold for growth and investment.
Kern 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, he 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.”
Related news: Ibom Fish City Project to generate N500m in 5 years- Navy
He proposed that Nigerian officials and marine industry stakeholders could benefit from training programs offered by India, such as the Indian Technical and Economic Cooperation course, which develops skills in various sectors, including fisheries.
Kern further 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.
Earlier, the Director-General of the Nigerian Maritime Administration and Safety Agency, 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 capitalize more fully on its blue economy, especially its fisheries.
He noted 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 stabilize the Naira, which could make seafood more affordable.
