Nigeria loses multibillion dollars to illegal, unregulated fishing - FG raises alarm
...set to rollout single-digit interest loans to artisanal fishermen
By Seun Ibiyemi
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has revealed that Nigeria loses billions of dollars annually to illegal, unreported, and unregulated (IUU) fishing, stressing that the Federal Government is adopting new technological measures to curb the menace and protect the nation’s marine resources.
This is even as the Minister said that the Federal Government is working to provide single-digit interest loans to artisanal fishermen as part of efforts to boost local fish production and curb reliance on imported fish
Speaking during an interview with newsmen in Lagos, Oyetola described illegal fishing as a major economic and environmental threat, noting that foreign vessels often exploit weak surveillance systems to operate freely within Nigerian waters.
“Sometimes these vessels go just beyond our borders, switch off their trackers, harvest our fish, and even sell them back to us as imported products. We are losing a lot of revenue, billions through this practice,” he said.
Oyetola emphasized that effective monitoring of Nigeria’s 200-nautical-mile Exclusive Economic Zone cannot rely solely on human patrols, adding that technology and regional collaboration remain the best strategies to tackle the problem.
“The only way out is technology. With advanced monitoring systems, we can reduce illegal fishing to the barest minimum,” Oyetola affirmed.
Speaking on strategies to strengthen the fisheries sector, Oyetola said the government is engaging the Bank of Industry (BoI) to facilitate low-interest funding for fishermen, noting that commercial banks are unable to offer such favorable rates.
“We are already talking to the Bureau to look at the possibility of providing single-digit loans. This will empower artisanal fishermen, enable them to access funds, and increase local production,” Oyetola said.
He also highlighted progress in the local fisheries sector, disclosing that domestic fish production has grown from about 1.1 million to 1.49 million tonnes, reflecting steady improvement under the current administration.
According to him, the government is working to empower artisanal fishermen by providing inputs, organizing them into cooperatives, and facilitating access to single-digit credit facilities through development finance institutions.
Oyetola further stated that plans are underway to establish local fish feed mills and improve cold storage infrastructure to strengthen the fisheries value chain and reduce post-harvest losses.
He reaffirmed the government’s commitment to safeguarding Nigeria’s blue economy, ensuring food security, creating jobs, and enhancing maritime sustainability through innovation and regional cooperation.
The Minister was also elected chairman of West Central Gulf of Guinea fisheries ministers’ conference, pledges crackdown on illegal fishing
The election took place on Thursday during the 16th Conference of Ministers of the FCWC, hosted by Nigeria themed “Securing Our Ocean Future: People, Resources, and Commitments,” the conference drew participation from Ministers and senior officials of FCWC member states, Benin, Côte d’Ivoire, Ghana, Liberia, Nigeria, and Togo as well as representatives of regional and international maritime institutions.
“Under my chairmanship, I will work collaboratively with all member states to ensure stronger enforcement, better data sharing, and improved governance of our shared marine resources.”
Representing President Bola Ahmed Tinubu, Dr Oyetola reaffirmed Nigeria’s commitment to regional partnerships through the FCWC, noting that the blue economy has become a key pillar of Nigeria’s economic diversification drive.
He highlighted government initiatives in port modernisation, maritime security, and aquaculture expansion, aimed at fostering sustainable growth and boosting the marine sector’s contribution to national GDP.
Oyetola also urged FCWC countries to strengthen joint patrols, harmonise regulations, and share real-time intelligence to combat maritime crimes and protect livelihoods across the Gulf of Guinea.
“The outcomes of this conference must translate into actionable measures that strengthen ocean security, enhance economic opportunities, and safeguard the prosperity of future generations,” he said.
The conference also featured technical sessions involving delegates from member states and development partners, who reviewed progress reports and developed new strategies for regional fisheries governance.
Also, the outgoing Chairman and Director General of Liberia’s National Fisheries and Aquaculture Authority (NaFAA), Hon. Cyrus Saygbe Sr., responding to questions on the ongoing challenge of illegal, unreported, and unregulated (IUU) fishing in the Gulf of Guinea, acknowledged the significant losses, estimating that billions of dollars are lost annually to foreign vessels operating in African waters.
He emphasized the sophistication of these vessels, which often switch off Vessel Monitoring Systems or engage in transshipments to evade detection.
“Africa is losing billions of dollars in our natural resources, resources that should be able to cater to the needs of our people,” he said.
Saygbe Sr. affirmed that Liberia would work closely with Nigeria’s Minister of Marine and Blue Economy to strengthen regional maritime surveillance and enforcement.
He highlighted the importance of regional cooperation, joint patrols, and technological innovation in tackling illegal fishing.
“We need to innovate and introduce technologies that can fight illegal fishing. If we unite more as a region, we can go far,” he added.
He also praised the recent passage of the WTO bill, describing it as a key measure to hold larger countries accountable for supporting illegal fishing practices.
Saygbe Sr.’s response reflects the FCWC’s ongoing commitment to safeguarding marine resources, enhancing food security, and protecting the livelihoods of millions dependent on fisheries across the Gulf of Guinea.