NFA set up entity for local fisheries

THE National Fisheries Authority (NFA) has registered an entity called Fisheries Capital which will look into the commercialising local fisheries, acting managing director Justin Ilakini says.
Ilakini said the entity would operate and do businesses in areas where the fisheries industry was not participating in.
He said the NFA would ensure that the entity did not compete with the existing industry players by causing a crowding out effect.
“It’s going to be a separate entity apart from the NFA to look into the commercial space,” he said.
“What we are hoping to do is to make sure that the new company doesn’t compete with the existing industry players by causing a crowding out effect.
“We will try to see if the new entity can participate or do business where currently the industry is not participating in so that they can create the opportunity for growth in the sector.
“It’s going to be more like an investment company for the Government in the fisheries sector.”
Ilakini said while they had not determined the return the company would generate for the country one of the areas that they wanted to go into was downstream processing instead of exporting whole round fish.