India and Nigeria Forge Partnership to Unlock Blue Economy Potential

India has extended a hand to Nigeria, offering expertise to tap into its vast marine resources. The Indian Consul General in Lagos, Shri Chandramouli Kern, announced this collaboration.

Nigeria’s blue economy potential is estimated at a staggering $296 billion. This figure represents untapped opportunities in various maritime sectors.

Kern described Nigeria’s coastal resources as the new gold for growth and investment. He noted that despite its extensive marine assets, Nigeria’s blue economy remains underdeveloped.

This situation presents a significant opportunity for economic expansion in the country. India, with its established prowess in fishing and aquaculture, stands ready to assist.

The partnership focuses on capacity building and knowledge transfer. Indian officials propose that Nigerian maritime professionals participate in training programs.

One such program is the Indian Technical and Economic Cooperation (ITEC) course. This course develops skills in various sectors, including fisheries.

Kern highlighted that ITEC courses are entirely free. The Indian government covers all expenses, including visa processing, airfare, and transportation.

Opportunities in Aquaculture and Technology

Nigerian officials could gain valuable insights into advanced aquaculture practices through these courses. Shrimp farming is one area where Nigeria could benefit from Indian expertise.

Trade between India and Nigeria currently fluctuates between $9 billion and $15 billion annually. Kern sees potential for joint ventures between Indian and Nigerian maritime companies.

This collaboration could create a win-win situation for both nations. It would involve sharing resources, expertise, and technology. Nigeria’s maritime sector faces pressing challenges.

These include rapid technological advancements, sustainability requirements, and global trade demands. Dayo Mobereola, the Director General of the Nigerian Maritime Administration and Safety Agency, acknowledged these issues.

He advocated for investment in modern security technologies and capacity-building efforts. The fishing industry in Nigeria grapples with its own set of problems. High costs, fluctuating exchange rates, and steep customs duties hinder growth.

Limited local production of certain fish species further complicates matters. Sabir Ali, Managing Director of Haano Marine Product Limited, emphasized these challenges.

More: Nigeria news in English, every day from The Rio Times.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error