The global appetite for shrimps, crabs and prawns is on the rise, opening an opportunity for Nigeria’s entrepreneurs to export and earn substantial dollars.
Seafood consumption has surged globally, reaching 162.5 million tonnes in 2021, with per capita annual consumption hitting 20.7kg in 2022, according to a 2024 report by the Food and Agricultural Organisation (FAO).
Export of seafood surpassed $120 billion in 2024, with Norway taking the lead at $15.5 billion and Vietnam hitting $10 billion – a 12 percent increase from 2023.
The industry is driven by the growing health-conscious population, urbanisation and its easy-to-cook options, according to Fortune Business Insights.
To keep pace with the world’s growing population and demand for seafood, the United Nations food body, FOA, says production must increase by 22 percent by 2050.
Experts say this presents an opportunity for Nigerian entrepreneurs to invest in the sector as the country has one of the best shrimp and prawn species demanded globally.
“The opportunities in seafood production are enormous owing to the continuous increase in demand,” Wilfred Alegbeleye, a professor of fisheries at the Federal University of Agriculture, Abeokuta, said in an interview.
“As population rises, the demand on every component of animal protein surges both globally and locally,” the professor, who is also the acting head of the College of Environment Resource Management, said.
He noted that the country’s shrimps and prawns are among the best globally, while calling for more investment in the production of seafood locally.
Nigeria’s seafood industry, which is estimated at about $1billion, has a huge export and job creation potential, experts say, noting that it is yet to be tapped.
The country earned N53 billion from frozen shrimps and prawns, crabs, rock lobster and other sea crawfish exports in nine months of 2024, according to data from the National Bureau of Statistics (NBS)’s Foreign Trade Statistics.
The seafood, which is under the fishery sector, was listed among the top 10 agricultural exports within the period.
Nigerian shrimp is largely produced in the Niger Delta, which is reputed as the second largest brackish habitat in the world, experts say.
Alegbeleye noted that Asians dominate the local industry owing to the opportunity in the subsector and are investing massively to seize it, saying that the lack of technical know-how on domesticating its cultivation has limited investments from Nigerian entrepreneurs.
He urged the government to invest in training to domesticate the cultivation of seafood production and transfer technology from Asians to Nigerians in order to enable entrepreneurs to tap opportunities and drive cold chain investments.
“Our youths need to be trained on the technology, and cold chain infrastructures must be improved upon to drive investments in the subsector.
“They need to be supported to harness the opportunities across the value chain in the form of cheap credit owing to the huge capital required to cultivate shrimps and prawns.”
Latest data from the Federal Department of Fisheries puts Africa’s most populous nation seafood’s inshore production at 17,654 metric tons annually.
However, data from domesticated shrimps and prawn cultivation are yet to be captured, according to experts.
Eating shrimp helps to promote heart and brain health due to its rich content of omega-3 fatty acids and antioxidant astaxanthin. It is also high in several vitamins and minerals as well as a rich source of protein.
“We are yet to fully develop the subsector. It is a major revenue earner for most Asian countries and Nigeria too can harness its FX potential,” Musa Idris, an exporter of shrimps and prawn to neighbouring countries, said.
“There are opportunities for seafood. Even crayfish is now being exported to landlocked African countries,” Idris noted.
Currently, Indian owned – Atlantic Shrimpers, Nigeria’s biggest exporter of seafood, has made over $100million in investment in the country’s seafood industry.
Other Nigerian players in the industry include: Banarly Nigeria Limited, ORC Fishing and Food Processing Limited, Karflex Fisheries Limited, Seagold Fisheries Limited and other smaller players operating under the umbrella of the Nigeria Trawler Owners Association (NITOA).
“Aquatic foods provide high-quality proteins – 15 percent of animal proteins and six percent of total proteins worldwide – and key nutrients such as omega-3 fatty acids, minerals, and vitamins,” the United Nations food body said in a June 2024 report.
“In 2021, they contributed at least 20 percent of the per capita protein supply from all animal sources to 3.2 billion people,” according to the report, adding that production is expected to increase by 10 percent in 2032 to reach 205 million tonnes to meet consumption. (BusinessDay)
