Fish farmers in Nigeria could benefit from a specialised aquaculture loan following Sterling Bank Plc’s commitment to develop financing tailored to businesses in the fisheries and aquaculture industry.
The commitment was announced at a national partnership dialogue in Abuja, where stakeholders agreed on measures to improve access to finance and attract investment into the sector.
According to a communique issued after the meeting, Sterling Bank will develop and introduce a financing product specifically designed for aquaculture businesses, although details of the loan, including eligibility requirements, interest rates and application procedures, have not yet been announced.
The One Health and Development Initiative (OHDI) has also commenced work on a finance and investment readiness framework to help fish farmers meet investment requirements and access available funding opportunities.
The framework is being developed in collaboration with relevant stakeholders, including the Federal Ministry of Marine and Blue Economy.In addition, Blue Economy Research and Investment Limited, with support from the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), was identified to facilitate the establishment of an Aquaculture Development Fund.
The proposed financing interventions are expected to address one of the major challenges facing fish farmers: limited access to affordable funding needed to establish, expand and sustain their businesses.
However, the proposed loan is not yet open for applications, as stakeholders are still working towards developing the financing framework and product.
Emiabata Deborah Oluwabusiolami
Stay informed with the latest news, breaking stories and important updates. Follow THE EAGLE NEWS MEDIA WhatsApp Channel.
Join Our WhatsApp Channel