The national president of the Federation of Fishery Cooperatives of Nigeria FCFNL, Muhammad Laminu reported that the Nigeria was losing around $70 million a year due to outdated fishing laws

In an interview, the president cited the undeclared, illegal and unregulated industry as the problems of the Nigerian fishing sector. According to him, “this unregulated fishing is a fishing activity that violates the laws. The problem of unregulated fishing is the result of outdated laws. The laws that regulate fishing activities in this country were enacted as early as around 1980 and have not been revised since.”

The latter believes that “the best thing to do is at least for the government to propose a comprehensive reform and increase funding for the sector.” He suggested that the government undertake a comprehensive reform to address the problem, “so that at least the government provides the long-awaited financial support. Since they don't know the annual revenue, we're losing over $70 million.”