The World Trade Organisation (WTO) has pledged to support the development of fisheries in Nigeria and other member countries with about N12 billion ($20m).
This, it said, is part of efforts to prohibit harmful fisheries subsidies.
Director General of WTO, Dr Ngozi Okonjo-Iweala, stated this yesterday in Abuja while on a courtesy visit to the Ministry of Industry, Trade and Investment.
She said it was one of the six major resolutions adopted at the World Trade Ministerial Conference, which ended in June.
“Nigeria is part of the deal and I came to ensure implementation is in top gear because it is a crucial step in moving the world’s fisheries toward long-term sustainability and in multilateral efforts to address subsidies that harm the natural environment and the well-being of vulnerable communities,” the WTO DG explained.
She added that added that with the adoption of the agreement, the WTO now prohibits subsidies for vessels and operators engaged in illegal, unreported or unregulated (IUU) fishing and establish new rules for subsidies for the fishing of stocks that are already over-exploited.
“It also prohibits subsidies for fishing of stocks on the high seas that are not managed by regional bodies,” she added.
