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Nigeria’s fish market estimated at $1.75bn

By on September 12, 2013

Nigeria’s domestic fish market is estimated at $1.75 billion, the fourth largest agricultural import in the country.

According a report from the Federal Ministry of Agriculture and Rural Development, Nigeria is hopes to grow the market by almost 200 per cent to $5 billion from $1.75 billion, to increase incomes of over 20 million households, and reduce import of the commodity.

The country needs about 2.66 million metric tonnes of fish annually to satisfy domestic consumption, which Minister of Agriculture and Rural Development, Akinwumi Adesina, said the Federal Government is keen on, under the Agricultural Transformation Agenda (ATA) over the next four years.

The report noted the growing demand for processed fish as Nigerians increasingly prefer smoked fish used in local soups and traditional dishes.

It observed that domestic production of fish is expected to double within the next two years, with attractive investment opportunities in the fish value chain.

“Aquaculture fish production is growing at more than 20 per cent per year and presents a significant opportunity with gross margins estimated near 20 per cent,” the report said.

On the government’s support and incentives to the private sector, the government assured that an enabling environment would be provided as well as provision of better infrastructure for aquaculture parks, subsidies and inputs to farmers.

Federal Government further reiterated its commitment to develop Staple Crop Processing Zones (SCPZ) across the country to ensure end-to-end support for fish feed and fish processors from one-stop for business registration and guaranteed land acquisition for plants.

 

 

[Daily Independent]