Sanwo-Olu urges investors to tap into aquaculture value chain

Gov. Babajide Sanwo-Olu of Lagos State has called on investors to tap the potentials in the aquaculture value chain to bridge the demand and supply gap of the state.

Sanwo-Olu stated this at the 2019 Lagos Seafood Festival that the value chain on Sunday in Lagos.

He said the value chain would not only create jobs and contribute to poverty reduction but would also unleash opportunities for entrepreneurship.

The governor, who was represented by his Deputy, Dr Obafemi Hamzat said that to attain the goal, the state government had initiated several projects in the agricultural space.

He identified sustainable development of tourism potentials in aquaculture and its value chain as a driver for economic growth in the state.

He said there exists within the value chain, the potential for increased production towards the attainment of the food security objective, foreign exchange earnings from export and ultimately contribute to the growth of the state’s GDP.

According to him, bridging the demand and supply gap, which is estimated at 374,000 tonnes per annum and 155,262 tonnes per annum respectively was a huge and highly rewarding investment opportunity.

“I invite the business community to tap into and harness the fish value chain.

“We have established fish farm estates in lkorodu and Epe to ensure a geometrical increase in fish production, with the active participation of the private sector.

“The Ikorodu estate is fully subscribed and produces 10,000 tons of fish per annum, the Ketu Ereyun Epe estate will produce 11,000 metric tons of fish on completion of its first phase.

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“All of these initiatives are aimed at bridging the demand and supply gap.

“This is a highly rewarding investment opportunity, which I invite the business community to tap into,’’ he said.

According to him, the state is endowed with natural landscape traversed by sea and lagoon waters, beautiful beaches and waterfronts.

“Twenty-two per cent of the land area in the state is covered with water and a long coastline along the Atlantic Ocean.

“These unique endowments give the state a comparative advantage in seafood and tourism business, which are yearning to be developed for the socio-economic transformation of the state.

“I urge you all to avail yourselves the opportunities presented by this gathering to network and initiate partnerships that will promote food security, create jobs and enhance livelihoods in the state,’’ Sanwo-Olu said.

Earlier the State Commissioner for Agriculture, Prince Gbolahan Lawal, said the entertainment and the show business were the major activities in the state.

Lawal said the industry was expected to generate revenue of $88 million with a positive impact on the economy and provide a leeway for diversification of sources of foreign exchange earnings.

The commissioner said the celebration of the seafood festival would boost the development of the creative industry and promote the visibility of the state as a tourist destination.

“In accordance with the theme of this year’s festival, the rich seafood diversity of the state will be projected through the display of various fresh, processed and wide varieties of seafood-based dishes by our exhibitors.

“This is strengthened by the fact that fishing is the main occupation of the people living in the coastal zones,’’ the commissioner said.

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