Bolt invests N140bn in Nigeria, creates 470,000 income opportunities

Nigeria's Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has emphasized the vast investment potential of the country's catfish industry, calling for greater attention from investors and financial institutions. Speaking in Abuja, Oyetola highlighted Nigeria's significant fish production gap, with domestic production currently at 1.4 million metric tonnes against an annual requirement of approximately 3.6 million metric tonnes.

He stressed that expanding domestic fish production is crucial for food security, economic growth, and job creation. The minister identified several key factors for sustainable industry expansion, including access to quality fingerlings, affordable feed, effective fish health management, reliable markets, and modern infrastructure.

Oyetola commended FISH4ACP, a programme supported by the Food and Agriculture Organization, the European Union, and the German Government, for identifying industry constraints and demonstrating practical interventions such as alternative feed ingredients, hatchery management, and digital farm management. He also urged lenders to develop credit arrangements that reflect the production cycle and cash-flow patterns of fish farming enterprises to alleviate financing challenges.

Oyetola emphasized the importance of inclusive growth, encouraging the involvement of women and young people, particularly small and medium-scale enterprises, in the industry's expansion while emphasizing the need for environmental sustainability.