Nigeria recently became the second African member of the World Trade Organization (WTO) to deposit its acceptance for the Agreement on Fisheries Subsidies.
Ambassador Adamu Mohammed Abdulhamid submitted Nigeria's acceptance to WTO Director-General Ngozi Okonjo-Iweala on June 12 in Geneva, a WTO news release reported. The Agreement, adopted during the WTO's 12th Ministerial Conference in June 2022, introduces binding regulations to reduce harmful subsidies that contribute to the depletion of global fish stocks. It also addresses the needs of developing and least-developed countries by establishing a fund to offer technical assistance and capacity-building for implementing the obligations.
“I am profoundly grateful to Nigeria for formally accepting the WTO Agreement on Fisheries Subsidies,” Okonjo-Iweala said in the release. “I am proud to see the country's continued commitment to sustainable development and its vote of confidence in the work of the WTO. Nigeria's acceptance adds to our growing tally of members that have accepted the Agreement — we have received about one-third of the total that we need for the Agreement to enter into force. I hope that Nigeria's action serves as an inspiration to other governments in Africa and the rest of the world to move swiftly to implement the Agreement and foster global cooperation for the benefit of our shared future.”
The Nigerian ambassador also commented on his country's acceptance of the Agreement.
“The Agreement on Fisheries Subsidies presents a unique opportunity for Nigeria to promote sustainable use of ocean resources for economic growth and the improvement of livelihoods while preserving the health of ocean ecosystem, believing that the Agreement shall put a stop to all harmful fisheries subsidies such as illegal, unreported, and unregulated fishing activities by all WTO members,” he said in the release. “By this instrument of acceptance, Nigeria reassures its commitment to a rule-based multilateral trading system by guaranteeing its compliance with the Agreement as well as refraining from introducing any new subsidies that harm the marine environment while recognizing the need for appropriate and effective special and differential treatment for developing and least developed countries which can be achieved through adequate policy space to develop its fisheries sector and technical assistance and capacity building in order to implement the discipline.
“Nigeria calls on other WTO members who are yet to ratify this agreement to do so as soon as possible so as to contribute to our global effort of preservation of the global fish stocks.”