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Lagos Aquaculture Centre of Excellence (LACE) will feature a hatchery for 50 million fish fingerlings, a 24,000-tonne feed mill, and a 20,000-tonne fish processing center.

European food security and social acceptance were among the themes discussed during today's launch event, hosted by European Commissioner for Fisheries and Oceans, Costas Kadis.

Feeding Australia, which will receive AUD 3.5 million (approximately USD 2.24 million) from the Government, will promote food supply chain resilience.

Hatch Blue Revolution Fund has led the funding to improve the efficiency and sustainability of global food production.

"I'm excited to see the final strategy and work towards a stronger and more robust and resilient food system," Minister for Agriculture, Fisheries and Forestry, Julie Collins MP.

New research published this month shows small scale fisheries contribute almost half the global catch across all fisheries, and contribute 44% of the global landed economic value.