Government allocates N149bn to boost blue economy and fisheries
The Federal Government has allocated a significant budget to Nigeria’s Marine and Blue Economy sector. The new funding aims to improve infrastructure, enhance safety, and support fisheries and related industries. Mashi Gabriel Sanni and Dr. Muda Yusuf have both welcomed the initiative, highlighting its potential benefits for local businesses. The budget covers a range of projects, from fish feed mills to maritime safety and environmental protection.
TLDR
- The government earmarked N145m for local fish feed mills across six geopolitical zones.
- A total of N149.24bn is allocated to the Marine and Blue Economy, with N136.4bn for capital projects.
- Projects include solar panels, a maritime development bank, dredging of waterways, jetty construction, and revitalisation of Sapele Seaport.
- The budget supports marine protected areas, blue energy projects, fisheries stock assessments, and compliance with international maritime conventions.
- Mashi Gabriel Sanni and Dr. Muda Yusuf praised the initiative but noted that more funding may be needed for greater impact.
