The contribution of Lake Victoria fisheries in the economies of Kenya, Tanzania and Uganda is usually grossly undervalued and inaccurately reported. This study supported by the Lake Victoria Fisheries Organization assessed the macro-economic importance of the fishing industry in the region, based on review of literature, analysis of secondary information and primary data. The study has provided data and information on fish production, fish exports and domestic fish trade; contribution of fisheries in employment, incomes, government revenue, Gross Domestic Product (GDP) and food security. The report reveals that an estimated total of 1,042,868 tonnes were landed in the whole lake in 2006, with an ex-vessel value of US$ 371 million, shared between Tanzania (47%), Uganda (33%) and Kenya (20%). About 152,196 tonnes of Nile perch were processed by the region's 32 operating factories to produce 76,098 tonnes of various Nile perch products for export, which generated substantial foreign exchange. The fish export markets are diversified to include at least 26 countries in all five continents, of which EU is dominant. Fisheries contribution to the GDP of riparian countries though is relatively small, ranging between 0.5 and 2%. Lake Victoria fishery is also an important sector for informal employment in fish production, which employed about 196,426 people in 2006, and also many more informal employment opportunities in fish trade and artisanal processing. With all these benefits it is economically and socially justified for increased investment of resources to sustainably manage the fishery.