Effects of fishing on the economic development of Uganda

Abstract

The main objective of this study was to analyze the contribution of the fisheries sector to the economic development of Uganda over the years for the past twenty-four years from the data collected on yearly basis. Specifically, the study analyzed the following; Assessing effects of fishing on the economic development of Uganda.Assessing whether fishing has a significant contribution to the GDP of Uganda over the years. The study employed ARIIMA model to investigate the contribution of the fisheries sector to the Gross Domestic Product of Uganda. The study utilized quantitative approach as a design together with hypothesis testing as a purpose of the study in order to establish the relationship between the variables.The research study further found out that Uganda`s fishing economic value and services has a positive trend over the past twenty-four years and 88.57% of the variations in the fish economic value are explained by the number of years. A line plot fitted shows a steady increase in fishing economic value from 1998 to 2022.The study also found out that, the average value of fish economic value for the past twenty-four years is UGX 1514.861 billion, the lowest value UGX 33.23677 billion and the highest value is UGX3722.915billion. The research further found out that fish economic value has a seasonal pattern and lastly an ARIMA model (2,1,1) was identified as good fit for forecasting the fish economic value of Uganda. The forecasted fish economic value for the future nine years showed an increase in fish economic value. The study found out that fishery’s sector has significantly contributed the economic development of Uganda for the past twenty-four years. The study also recommends the following for the improvement in the contribution of the fishery’s sector to the economic development to improve;The government should also put in place policies that attract both local and foreign investors to fishing industry so as to stimulate production and processing in the industries which will increase on the value of the products that are put on the domestic market or exported for the foreign market.Government should concentrate on fishing products subsector and find out why it contributes a small portion to the GDP.