Nigeria has officially accepted the World Trade Organization’s (WTO) Agreement on Fisheries Subsidies, becoming the second African country to do so. The announcement was made by the WTO after Nigeria deposited its instrument of acceptance for the Agreement in Geneva, Switzerland. The Agreement is designed to combat illegal, unreported, and unregulated (IUU) fishing, prohibit support for overfished stocks, and end subsidies for fishing in unregulated high seas.
The WTO emphasized that Nigeria’s acceptance, deposited on June 12, is a crucial step toward the Agreement’s entry into force, requiring acceptance from two-thirds of WTO members. Approximately one-third of the necessary acceptances are now in hand.
WTO Director-General Ngozi Okonjo-Iweala expressed gratitude to Nigeria for its commitment to sustainable development and stated that Nigeria’s acceptance contributes to the growing support for the Agreement. She hopes it inspires other governments in Africa and globally to swiftly implement the Agreement for the benefit of shared global resources.
Ambassador Adamu Mohammed Abdulhamid, representing Nigeria, highlighted the unique opportunity the Agreement presents for Nigeria to promote sustainable use of ocean resources, fostering economic growth while preserving the health of the ocean ecosystem. He emphasized that the Agreement will put an end to harmful fisheries subsidies and reaffirms Nigeria’s commitment to a rule-based multilateral trading system.
Abdulhamid called for other WTO members to ratify the Agreement promptly, contributing to the global effort to preserve fish stocks. Nigeria, as the fifth-largest African fishing nation, faces an annual loss of approximately $70 million due to illegal fishing, making the Agreement crucial for protecting the sector that contributes around 5 percent to Nigeria’s GDP and supports the livelihoods of about 24 million people.
The Agreement on Fisheries Subsidies was initially adopted at the WTO’s 12th Ministerial Conference in June 2022. It aims to establish multilateral rules to curb harmful subsidies, recognizing the needs of developing and least-developed countries. Negotiations for additional provisions are ongoing, with the aim of making recommendations by the 13th Ministerial Conference in February 2024 in Abu Dhabi, UAE.
