Shock as Nigeria spends $1.2 billion to import fish from abroad

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.

WorldFish has revealed that Nigeria spends approximately $1.2 billion each year on fish imports.

The organization also highlighted that over 45% of fish consumed in Nigeria is imported.

Nigeria imports $1.2 billion worth of fish yearly to cover 45% of demand
Source: UGC

During a validation workshop, Dr. Sunil Siriwardena, WorldFish’s Country Representative, emphasized the importance of establishing a national policy on fisheries and aquaculture to address the rising demand.

According to The Nation, Siriwardena noted that such a policy could help the federal government boost domestic fish production and reduce the annual expense on imports.

He stated that fish is a crucial food commodity with significant benefits for reducing poverty and enhancing food and nutrition security in Nigeria.

Siriwardena said:

“Nigeria, per capita fish consumption is rather low. Only 11.2 kg is consumed. Because Nigeria can’t meet the demand for fish, 45 per cent of Nigeria’s fish supply comes from imports. “This costs the government around $1.2 billion annually. If national fish supply could be increased, this money can be saved for the development of smallholder farmers.”

He noted that studies indicate Nigeria’s population is projected to grow from the current 224 million to 263 million by 2030, creating a need for an additional 752,000 tons of fish to sustain the current per capita consumption levels.

He added that Nigeria would require 3.14 million more tons of fish to match global per capita consumption by 2030.

If 70% of this, or 2.2 million tons, is to come from aquaculture, the country would need 3.1 million tons of fish feed and a substantial supply of fish seeds.

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Source: Legit.ng