Nigeria spends $800m yearly for importation of fishes for the country’s 3.3m metric tons fish demand, FBNQuest Capital has said.
According to FBNQuest, Nigeria since the last three years has had its domestic fish supply jump 1.2mmt, a product of government’s efforts.
In spite of Nigeria’s abundant water resources, the fisheries segment lacks access to credit as agriculture got 3.5 percent of total credit allocation in Q2 2018.
“We note that Nigeria’s per capita fish consumption is 13kg, significantly lower than the global average of 21kg,” the report said.
“Data from the CBN show that artisanal production accounted for around 76.7 percent of the 1.06 million tonnes of fish produced in 2017.”
Also, it noted that the industrial (trawling) fish farming got 7 percent of the total, a sign that commercial fishing is still untapped.
“The harsh business environment has slowed fishing activity; the cost of trawling has more than doubled over the past few years due to high operational costs,” it added.