Towards a viable fisheries industry


Wednesday, November 25, 2015 09:25AM / FBNQuest Research
Globally, Asia has the most active aquaculture industry, producing 88% of global farmed fish. In Nigeria the fisheries segment is one of the fastest growing in the agriculture sector.

Based on data from the UN Food and Agriculture Organisation (FAO), Nigeria is an active player as well as a leading contributor to Africa’s share in the global aquaculture stock, which is estimated at 3%. Egypt, South Africa and Uganda are also important contributors.

Nigeria has been the largest importer of fish and fisheries products in sub-Saharan Africa, with an annual import bill of N125bn (US$630m) to meet its domestic shortage estimated at 1.3 million metric tons (mmt).

Nutreco, a global leader in fish feed and animal nutrition, in partnership with Durante (an indigenous aquaculture company), has launched a one-year pilot project in Nigeria to boost domestic production and support small-scale fish farmers. This project is similar to Nutreco’s recent investment in Egypt, which is geared towards boosting tilapia fish production.

In Q3 2015 the fisheries segment grew by 5.6% y/y, compared with 6.7% posted in the corresponding period of 2014. Although it is one of the fastest growing segments in the agric sector, annual domestic supply of 800,000 mt is still low relative to yearly demand.

In Lagos State alone, annual fish demand is estimated at 330,000 mt while domestic fish supply within the state is about 176,850 mt per annum. The Lagos State ministry of agriculture has reiterated its commitment to boost fish farming within the state. 

The ministry has initiated developmental projects aimed at encouraging aquaculture, which has been identified as a tool to boost its internally generated revenue and create jobs. Other states that hope to develop the fisheries segment as a means to grow their IGRs and stimulate economic activity include Bayelsa and Cross River

Related News

1.       Africa: Agri-tech is the future of farming – Nov 24, 2015

2.      Waking a sleeping giant – Nov 10, 2015

3.      Nigeria GDP grew by 2,84% (y-o-y) in real terms, marginally higher than Q2 ‘15 – Nov 17, 2015

4.      Agribusiness Business Group buys into CBN Forex Restrictions,Signs MoU with Dutch Agric Organisation – Nov 09, 2015

5.      Eyes glued on agriculture – Oct 13, 2015

6.      Nigeria’s GDP Records 2.35% Growth in Q2’15; 1.61% Lower Than Q1’15 Growth Rate – Aug 26, 2015

7.      No dramatic change planned for agric – Aug 18, 2015

8.     Fisheries segment in transition – Aug 14, 2015



Related News