Nigeria Households consumption expenditure on Fish and seafood has been projected to reach N2.99 trillion in the next 10 years. This is equivalent to $7.23 billion using an average of $413/naira as the exchange rate during the period under review. MSMEsToday’s report is based on analysis of the statistical data provided by Organization for Economic Co-operation and Development (OECD) and Food and Agriculture.
The finding revealed that households’ expenditure on fish and seafood consumption is projected to increase by 27.16% from N2.32 trillion or $5.62 billion in 2020 to N2.99 trillion or $7.23 billion in 2029 due to increase in demand for fish and seafood for different uses. Many Nigerians today consume fish because it does not contain bad cholesterol found in meat and is strongly recommended by doctors all over the world. It contains several minerals necessary for healthy living. Fish is filled with omega-3 fatty acids and vitamins such as D and B2 (riboflavin) among others.
According to the United Nation Agricultural Outlook, Nigeria’s consumption of fish and seafood is to increase to 1.9Mt in 2029 from 1.7Mt in 2020 in line with household expenditure outlook for the period of 10 years. This increase in house expenditure and consumption of fish and seafood is supposed to meet equivalent production but production has always been below consumption over the years.
Comparing the consumption with production, there is a gap of 549 tonnes between fish and seafood consumption and production in 2020 and the gap is expected to increase further in the coming years by 55.19% to 697 tonnes in 2029.
The gap between fish and seafood demand and supply has been bridged by importation over these years.
Experts say that instead of bridging the gap between fish and seafood demand and supply through importation, MSMEs investment in fish and seafood farming can close the gap in the coming years. Fish farming has contributed significantly to food security, income generation, trades, employment opportunities, improved living standards and aid to foreign exchange earnings. As a result the production of fish is becoming a more complex enterprise as farmers whether literate or illiterate find means of enhancing fish production because of the supply-demand gap for fish and seafood in Nigeria.
In summary, there need to increase MSMEs investment in aquaculture in the country if importation of fish and seafood must be reduced. This can be done by sensitizing the public on the need to invest in the fish production business through public lectures, training and workshops. Federal government is expected to encourage fish farmers through micro-credits and other incentives.