ECONOMIC EVALUATION OF THE PERFORMANCE OF NIGERIA'S FISHERY SUB-SECTOR AND THE IMPLICATION ON SUSTAINABLE DOMESTIC FISH PRODUCTION (1981-2013)
Fishery sub-sector is considered as an engine of growth to the Nigerian economy as it provides employment opportunities in addition to more than 40% of dietary protein consumption. This paper undertook an evaluation of the performance of Nigeria's fishery sub-sector over three decades and specifically, it attempted to determine the production trend and growth rate of the sector, identify fish supply and demand patterns, ascertain the policy implications toward domestic fish production, determine the factors that influence domestic fish production, and the constraints of Nigeria's fishery sub-sector with respect to sustainable domestic fish production. Data for the study were generated from secondary sources using the Central Bank of Nigeria statistical bulletin spanning 1981 to 2013 periods. Data were analysed using simple statistical tools, Cointegration and Error Correction Model(ECM). Results of the analysis showed that domestic fish production was influenced by exchange rate, fish import and gross domestic product in the short-run. It was discovered that the sector witnessed significant growth in both Gross Domestic Product (GDP) and domestic production. The paper also posits that despite the sector's significant contributions, its performance is somewhat below expectation owing to over dependence on import to upset local demand requirement of the commodity. Import of the commodity does not augur well for a country faced with the challenge of macro-economic imbalance as Nigeria. On the basis of these, the paper recommends that policies that support domestic fish production should be implemented to boost domestic production alongside developing indigenous fishermen to enhance their capacity for productivity.
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