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Journal of Fisheries and Aquatic Science
Year: 2013  |  Volume: 8  |  Issue: 1  |  Page No.: 190 - 195

Micro-credit: Financing Fish Production in Nigeria: A Review

G.A. Ataguba and O.M. Olowosegun    

Abstract: Microfinance refers to loans, savings, insurance, transfer services and other financial products targeted at low-income people. Artisanal fishing is a crucial source of livelihoods in developing nations, particularly for low-income families in rural areas where job options are limited. Nigeria depends heavily on revenues from natural resources, especially oil hence income from fishing is particularly important to Nigeria. Aquaculture is also being practiced with a growth rate that has increased over the years. Sources of funding for the operators of these sectors of the economy who are mostly poor peasants will ensure sustainable production and income generation. Informal microfinance groups have existed before the advent of formal microfinance. Microfinance institutions in Nigeria operate in an environment that is dominated by commercial banks. However, their high deposit rate makes them attractive to the low income group. This paper examines the emergence of microfinance institutions, their contributions to fisheries and aquaculture and constraints to be overcome to enable them serve the fisheries and aquaculture sector better.

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