The Federal Government has earmarked N4 billion for the financing of fishery projects in the country under the second phase of the ECOWAS-Fund Accelerated Fisheries Development Projects.

Under the arrangement, the federal government would contribute N2 billion while states and local governments would provide N1.85 billion.

The Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Mrs Ibukun Odusote stated this at the opening of a 2-day workshop on the project on Tuesday in Kaduna.

She said 16,000 jobs was expected to be created by each of the beneficiaries along the value chain.

She added that the Bank of Agriculture would manage the fund and disburse the loan to the beneficiaries.

Odusote said 50 per cent of the fund would be issued to youths groups as loan, 30 per cent to women while 20 per cent would be shared by other groups.

She said the development of the fisheries sub sector was part of the government’s transformation agenda, adding that it was meant to create employment, generate income, alleviate poverty and provide foreign exchange earnings.

“ It is estimated that over 10 million Nigerians are actively engaged in various fishing activities, which include artisanal capture, fishing operations, farming, processing, marketing, net fabricators and boat engine repairers and menders.

“ Fish contributes immensely to the enhancement of the nation’s health as it contains Omega III fatty acids that reduce the risk of cardiovascular diseases, hypertension and arteriosclerosis,“ Odusote said.

According to her, fisheries contribution to the national GDP is 5.4 per cent, while the estimated national fish demand is 2.66 million metric tones.

“ The annual domestic fish production in 2011 was 893, 099 metric tones showing a shortfall of about 1,766,901 metric tones.

“ Hence, increase in national fish production will not only diversify our resource base but will complement efforts aimed at achieving the 2015 MDGs targets,“ Odusote said.

She said the project was started in 1992 with a loan of US$4.54 million from ECOWAS-Fund designed to guarantee easy access formal credit to artisanal fishermen and women in some selected communities in Delta, Edo, Kebbi, Sokoto and Zamfara states.

She said the project was expanded in 2003 to include Kano, Kogi, Imo, Niger and Yobe states with the beneficiaries getting a loan of N150,000 to N250,000 at nine per cent interest rate.

The Permanent Secretary said more than 4,000 fish farmers had shared N136 million loan and repaid over N125 million, representing 66 per cent of the loan package.

Odusote appealed to the participants from the Northern zone to be proactive and ensure effective implementation of the funds through efficient monitoring and evaluation of the projects to achieve its targeted goal.

Earlier, the Director of Fisheries, Mr Evaristus Edet said the project had impacted significantly in the 11 states that benefited from the facility.

Edet said the project had been expanded to cover all states of the federation.

Our correspondent reports that the participants were drawn from the Bank of Agriculture, fish farms and fisheries department from the Northers States.