THE IMPACT OF FISHERY PRODUCTION ON NIGERIA GROSS DOMESTIC PRODUCTS

ATTENTION:

BEFORE YOU READ THE ABSTRACT OR CHAPTER ONE OF THE PROJECT TOPICS BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

YOU CAN GET THE COMPLETE PROJECT OF THE TOPIC BELOW. THE FULL PROJECT COST N5,000 ONLY. THE FULL INFORMATION ON HOW TO PAY AND GET THE COMPLETE PROJECT IS AT THE BOTTOM OF THIS PAGE. OR

YOU CAN CALL: 08068231953, 08137701720

WHATSAPP US ON: 08137701720

THE IMPACT OF FISHERY PRODUCTION ON NIGERIA GROSS DOMESTIC PRODUCTS

Abstract

This study examines the impact of fishery production on Nigeria’s Gross Domestic Product (GDP). As a vital sector in Nigeria’s economy, fisheries contribute significantly to food security, employment, and income generation. This research aims to quantify the sector’s contribution to GDP and analyze its potential for fostering economic growth. Using data from the National Bureau of Statistics and other relevant sources, we conducted a comprehensive analysis of fishery production trends, economic contributions, and the sector’s role in the broader agricultural landscape. The findings reveal a positive correlation between fishery production and GDP growth, highlighting the sector’s importance in diversifying the economy and reducing dependency on oil revenues. The study also identifies key challenges, including overfishing, inadequate infrastructure, and policy gaps, which hinder the sector’s full potential. Policy recommendations are provided to enhance fishery production, including investment in sustainable practices, infrastructure development, and robust regulatory frameworks. This research underscores the need for targeted interventions to harness the full economic benefits of fisheries and support sustainable economic development in Nigeria.

CHAPTER ONE:

INTRODUCTION

Background of the Study

Fisheries involve all the activities involved in producing fish and other aquatic resources for the basic purpose of providing human food, although other aims are possible (such as sport or recreational fishing) or obtaining ornamental fish or fish products such as fish oil (Fletcher et al., 2002). Commercial fisheries include wild fisheries and fish farms, both in freshwater (about 10% of all catch) and the oceans (about 90%). Over 10% of the world population are economically dependent on fisheries as a source of employment, of which most are women (OECD, 2020).

The world population is presently over 7.8 billion with a projection of about a 25% increase in the next 30 years which will make the world population 9.9 billion by 2050 (Population Reference Bureau, 2021). Nigeria, the 7th most populated country globally with a population of 211 million people makes up 2.64% of the global population (Population Reference Bureau, 2021). While the global population is projected to increase by 25% by 2050, Nigeria’s population is projected to be 401.3 million (99.82% increase) by 2050 (Population Reference Bureau, 2021). This rapid increase in Nigeria and the world population in general, has led to high competition for natural resources, especially food resources. To attain global food security, the fisheries and aquaculture sector has been identified as an important sector (FAO, 2020). The Fisheries and aquaculture sector provides food for hundreds of millions of people around the world daily. While over half a billion is employed by the fisheries sector globally, over 1.477.651 people were reported to have been engaged in the fisheries sector of Nigeria in 2014 (FAO, 2021, WorldFish, 2022). Fishery production is significant to the Nigerian economy given its importance in providing a cheap source of food/nutrition security, income, employment and serves as a source of foreign exchange particularly those of the riverine communities (NBS, 2017)

Nigeria has a continental shelf area of 43,514 km2 (Sea Around Us, 2016) and a continental coastline length of 853 km (Nwilo & Badejo, 2007), be it as it may, Nigeria is not utilizing its full fisheries resources potential. The fisheries sector contributed 1.09% GDP of the country’s total GDP in the year 2020 and 0.9% in the Q3 of 2021 (NBS, 2022). Nigeria is considered a net importer of fishery products. In 2020, the county spent over $876,081,485.00 million on the importation of frozen fish (excluding fish fillets and other fish meat) and only generated $106,964.00 thousand in export

(TrendEconomy, 2021). It is not a hidden fact that fish is a major source of animal proteins in the diet of most Nigerians, especially those living in rural areas. According to the Nigerian Minister of Agriculture and Rural Development, Nigeria’s total fish production is estimated at 1.123 million metric tonnes (Vanguard, 2021), to which marine catches contributed 36 per cent, inland waters catch contributed 33 per cent and aquaculture 31 per cent (FAO, 2021). Akinsorotan et al., (2019) reported that the yearly fish demand of Nigeria is about 2.1 million metric tons with Nigeria only able to meet up just about 38.1% of its fish needs and depends on imports to cover the shortfall of about 61.9% of its population need yearly. In 2021, the Nigerian Ministry of Agriculture and Rural Development put the fish demand of the country at 3.6 million metric tonnes of which the country only meet up about 31.19% and depends on importation to meet up the huge gap of about 68.80% (Vanguard, 2021). The foregoing necessitated this work, the economic analysis of the fisheries sector of Nigeria to determine the economic implications on the dependence of fishery products importation to meet the national fish need.

Nigeria, with its extensive coastal lines, rivers, and lakes, possesses significant potential in the fisheries sector. Fisheries contribute to the food security, employment, and economic diversification of the country. The fishery sector encompasses various activities, including aquaculture, marine and inland fishing, fish processing, and marketing. These activities collectively play a vital role in the livelihood of millions of Nigerians and contribute to the nation’s Gross Domestic Product (GDP).

Despite the potential, the Nigerian fisheries sector faces numerous challenges such as overfishing, environmental degradation, inadequate infrastructure, and limited access to modern technology. These challenges have hindered the sector from achieving its full potential and making a more substantial impact on Nigeria’s GDP.

This study seeks to explore the impact of fishery production on Nigeria’s GDP, examining both the direct and indirect contributions of the sector. It aims to provide a comprehensive understanding of how improvements in fishery production can enhance economic growth and development.

Nigeria, with its extensive coastline along the Atlantic Ocean, abundant inland water bodies, and favorable climate, holds significant potential in the fisheries sector. This sector includes activities such as marine and inland fishing, aquaculture, fish processing, and marketing. Fisheries play a vital role in ensuring food security, creating employment opportunities, and generating income for millions of Nigerians. Moreover, the sector has the potential to diversify the economy and contribute significantly to the nation’s Gross Domestic Product (GDP).

Despite these advantages, Nigeria’s fisheries sector has not reached its full potential due to various challenges. Overfishing, environmental degradation, inadequate infrastructure, limited access to modern technology, and regulatory issues are some of the critical factors hampering the sector’s growth. These challenges have resulted in suboptimal fishery production, affecting the overall economic contribution of the sector.

Given the growing importance of economic diversification, particularly in light of the volatility in the oil and gas sector, it is crucial to explore alternative sectors that can drive sustainable economic growth. The fisheries sector, with its untapped potential, presents a viable avenue for such diversification. Understanding the impact of fishery production on Nigeria’s GDP is essential for formulating effective policies that can stimulate growth and maximize the sector’s contribution to the economy.

This study aims to assess the impact of fishery production on Nigeria’s GDP by examining both the direct and indirect contributions of the sector. The direct contributions include the value added by fishery activities, while the indirect contributions encompass aspects such as employment generation, food security, and foreign exchange earnings from fish exports. By analyzing these contributions, this study seeks to provide a comprehensive understanding of the fisheries sector’s role in the Nigerian economy.

The subsequent sections of this chapter will outline the background of the study, the problem statement, the objectives, research questions, and the significance of the study. Additionally, it will define key terms and outline the organization of the study. Through this structured approach, the study aims to offer valuable insights that can inform policy decisions and promote the sustainable development of Nigeria’s fisheries sector.

1.2 Statement of the Problem

Nigeria’s GDP growth has been inconsistent, with significant reliance on the oil and gas sector. This over-reliance has made the economy vulnerable to fluctuations in global oil prices. Diversification into other sectors, including fisheries, is essential for sustainable economic development. However, the full potential of the fisheries sector remains underexploited due to various constraints. Understanding the impact of fishery production on GDP is crucial to formulating effective policies that can stimulate growth in this sector.

1.3 Objectives of the Study

The primary objective of this study is to assess the impact of fishery production on Nigeria’s GDP. Specific objectives include:

To evaluate the current state of fishery production in Nigeria.

To analyze the direct contributions of the fisheries sector to Nigeria’s GDP.

To examine the indirect contributions of the fisheries sector, including employment and food security.

To identify the challenges facing the fisheries sector in Nigeria.

To propose recommendations for enhancing the impact of fishery production on Nigeria’s GDP.

1.4 Research Questions

This study will address the following research questions:

What is the current state of fishery production in Nigeria?

How does the fisheries sector directly contribute to Nigeria’s GDP?

What are the indirect contributions of the fisheries sector to the Nigerian economy?

What challenges are inhibiting the growth of the fisheries sector in Nigeria?

What strategies can be implemented to enhance the impact of fishery production on Nigeria’s GDP?

1.5 Research Hypotheses

The study will test the following hypotheses:

H0: Fishery production does not have a significant impact on Nigeria’s GDP.

H1: Fishery production has a significant impact on Nigeria’s GDP.

H0: The challenges facing the fisheries sector do not significantly affect its contribution to GDP.

H1: The challenges facing the fisheries sector significantly affect its contribution to GDP.

1.6 Significance of the Study

The significance of this study lies in its potential to inform policy decisions that can lead to the revitalization and sustainable development of the fisheries sector in Nigeria. By highlighting the contributions and challenges of fishery production, the study can guide stakeholders, including policymakers, investors, and development agencies, in making informed decisions that will boost the sector’s productivity and economic impact.

1.7 Scope of the Study

This study focuses on the impact of fishery production on Nigeria’s GDP. It includes an analysis of both marine and inland fisheries, covering activities such as aquaculture, capture fisheries, processing, and marketing. The study period spans the last two decades to capture trends and changes in the sector. It also examines the policy environment, infrastructural challenges, and technological advancements influencing the sector.

1.8 Definition of Key Terms

Gross Domestic Product (GDP): The total monetary value of all goods and services produced within a country’s borders in a specific time period.

Fishery Production: The process of breeding, raising, and harvesting fish and other aquatic organisms.

Aquaculture: The cultivation of aquatic organisms such as fish, crustaceans, and algae under controlled conditions.

Capture Fisheries: The practice of harvesting fish and other aquatic organisms from natural water bodies.

Food Security: The state of having reliable access to a sufficient quantity of affordable and nutritious food.

HOW TO RECEIVE PROJECT MATERIAL (S)

After paying the appropriate amount (#5,000) into our bank Account below, send the following information to

08068231953 or 08168759420

(1) Your project topics

(2) Email Address

(3) Payment Name