Nigeria has officially submitted its acceptance for the Agreement on Fisheries Subsidies, becoming the second African member of the World Trade Organisation (WTO) to do so, following Seychelles.
Seychelles had previously deposited its acceptance on March 10, 2023, becoming the first African country and the third overall WTO member to join the agreement.
Nigeria’s Ambassador Adamu Mohammed Abdulhamid presented the instrument of acceptance to Dr. Ngozi Okonjo-Iweala, the Director-General of the WTO, in Geneva, Switzerland.
The agreement requires acceptances from two-thirds of WTO members to take effect, and Nigeria’s submission brings the total number of acceptances closer to that threshold.
During the presentation, Ambassador Abdulhamid highlighted the significance of the Agreement on Fisheries Subsidies for Nigeria, emphasizing its potential to promote sustainable use of ocean resources, economic growth, improved livelihoods, and the preservation of ocean ecosystems.
Nigeria pledged its commitment to a rule-based multilateral trading system, vowing to comply with the agreement and refrain from introducing harmful fisheries subsidies.
The country also acknowledged the importance of special and differential treatment for developing and least developed countries, which can be achieved through policy flexibility, technical assistance, and capacity building.
Nigeria called upon other WTO members to ratify the agreement promptly to contribute to the preservation of global fish stocks.
Nigeria’s formal acceptance represents a crucial step towards the agreement’s entry into force, with approximately one-third of the required acceptances now received.
Nigeria is the fifth-largest fishing nation in Africa and suffers an estimated annual loss of $70 million due to illegal fishing activities. The fishing sector contributes up to five percent of Nigeria’s GDP and supports the livelihoods of approximately 24 million people.
Dr. Ngozi Okonjo-Iweala expressed her gratitude for Nigeria’s acceptance of the Agreement on Fisheries Subsidies, praising the country’s commitment to sustainable development and its confidence in the work of the WTO.
She hoped that Nigeria’s action would inspire other governments in Africa and around the world to swiftly implement the agreement, fostering global cooperation for the benefit of future generations.
The Agreement on Fisheries Subsidies was adopted at the WTO’s 12th Ministerial Conference in June 2022, establishing binding multilateral rules to combat harmful fishing subsidies, which contribute to the depletion of global fish stocks.
The agreement also addresses the needs of developing and least-developed countries, providing technical assistance and capacity building to support their implementation of the agreement’s obligations.
It prohibits support for illegal, unreported, and unregulated fishing, as well as fishing of overfished stocks and subsidies for fishing in unregulated high seas.
Further negotiations are ongoing to enhance the agreement’s provisions before the 13th Ministerial Conference in February 2024.