Why did fishing become a leading source of foreign exchange for Mauritania in the 1980s and 1990s?

Fishing became a leading source of foreign exchange for Mauritania in the 1980s and 1990s primarily due to a decline in the country's iron ore production, which was caused by falling world market prices in the early 1980s.1

To capitalize on its rich continental shelf waters, the government shifted its strategy to actively exploit these marine resources. After suspending the issuance of individual fishing licenses in 1979, Mauritania formed joint ventures in 1980 with several nations, including Portugal, Iraq, South Korea, Romania, and the Soviet Union. Throughout the 1990s, the country further solidified this sector by establishing formal agreements with the European Community and the EU to regulate fishing rights and quotas. This transition helped offset economic instability caused by drought-related declines in agriculture and the volatility of traditional export markets.21