**The fisheries sector represents the largest share of natural wealth in Mauritania.** With an estimated value of US$10 billion (or roughly US$2,800 per capita),<sup>33</sup> Mauritania’s fisheries account for just over a quarter of the country’s natural capital. Commercial fishing represents approximately 90 percent of the sector, with artisanal fishing accounting for the remaining 10 percent. Fishing contributes just 3 percent to annual GDP, but the sector registered double-digit growth rates in 2010 and 2011 and is expected to grow by 5 percent per year over the medium term. Meanwhile, the revenues generated by international fishing agreements have remained roughly constant as a share of total revenues for much of the past 7 years, typically accounting for around 20 percent of public-sector income. Due to the recent increase in mining revenues, however, the contribution of fishing agreements has declined in relative terms, accounting for 13 percent of total revenues in 2011 and 11 percent in 2012.

**Although Mauritania is not a major global exporter of fish, with a world market share of slightly less than 1 percent, its waters are widely considered**<sup>**34**</sup> **to be among the richest on the planet.** This has at least two important implications. First, the scale of fishery resources indicates that the sector has the potential to reinforce food security and support large-scale employment – especially by adopting policies oriented to move up the value chain. Second, the sector may continue to attract foreign investors and governments willing to pay significant amounts for fishing rights, which could continue to represent a substantial source of nontax revenue. However, both of these implications hinge on the ability of the government to sustainably manage its fishery resources. The long-term trajectory of the country’s fish stocks will have important effects on employment, food security, public revenues and growth, as well as the preservation of biodiversity and the integrity of the larger marine ecosystem.

# **Sustainably managing the country’s fisheries entails considerable challenges, and pressures on the sector**

**are likely to increase over the medium term.** Some of Mauritania’s local fish species are already overexploited (see Table 1 , below), and widespread global overfishing is expected to boost the value of remaining fishery resources. This underscores the importance of optimizing the rents from commercial fisheries and using a share of those resources to ensure that the sector is properly regulated.<sup>35</sup> Without effective monitoring and enforcement the overfishing of the highest-value species (e.g. octopus) may seriously jeopardize the regenerating mechanisms of the country’s fisheries. Moreover, the incentives for overfishing are expected to intensify as global fish stocks dwindle. If left unchecked overexploitation could transform the fisheries sector into a so-called “finite resource”,

> 33 As noted above these figures likely underestimate the total value of fish stocks as they exclude certain fish species for which the available data are inadequate.

> 34 See, e.g., Forbes: http://www.forbes.com/places/mauritania/

> 35 In July 2012 Mauritania signed a fishing agreement the European Union that touches on many key aspects of fishery regulation and fishing rights in Mauritanian waters, as well as environmental safeguards, labor regulations and financial compensation. The agreement was ratified by the European Parliament, October 2013, following long debates and negotiations.

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