NFA doubles contribution to state with a K402 million consolidate revenue

The National Fisheries Authority has presented K402 million to state as part of their Non-Tax Revenue Administration contribution, an increase of over K200m from last year.

Prime Minister James Marape and Treasurer Ian Ling-Stuckey were on hand to receive the cheque from NFA managing director Justin Ilakini.

Marape said there has been a 4.5 per cent growth in the non-resource sector of the economy for the last five years, where fisheries is a major player.

He highlighted that the non-resource sector aids the country largely with financial support.
“It is not in mining and oil and gas that should anchor our country. It should be in fisheries,” Marape said.

“It should be in agriculture. It should be in sustainable forestry with a harvest or conservation. Or it should be in tourism.

Marape applauded the leadership at fisheries for a record dividend returned to support the 2024 budget.
Director Ilakini said NFA contributed K203 million to the consolidated revenue as part of the NTRA contribution in 2023.

This year NFA has doubled its input, amounting to over K400 million in the last 24 months.

“That has been our contribution, and I understand that our fisheries contribution constitutes 54 per cent of the total NTRA contribution to government of this year,” Ilakini said.

“I'm really proud on behalf of the staff and the board, that we've been able to raise that kind of money so that we can support the government in its budgetary commitment to our people.”

Marape said fisheries alone has the potential to create over 100,000 jobs if the fish domestication policy comes into maturity after next year.

He encouraged the sector to attract more foreign direct investment whilst also localizing in-country processing for more job opportunities.

Marape added that PNG has over five million square kilometers of waters that can be fished, and the sector is in an advanced stage of fish domestication policy, where all catches would be processed after 2025.

“That excludes inland fishing from Sipping River, Purare River, Fly River, Strickland River, all our river systems inland in our country.

“It's abundant resources we have, yet we've not been aggressive in pursuing this space,” Marape said.