Global demand for shrimps and prawns is on the rise and Nigeria’s seafood growers and entrepreneurs can position to explore the opportunity to earn substantial dollars through the non-oil export from the global $150billion market.
Despite having the potential to create hundreds of jobs, the Nigerian seafood industry which is estimated at about $1billion is still largely untapped as low technical knowhow and weak cold chain infrastructure have continued to hinder investments, experts say.
“The opportunities in shrimps and prawns cultivation are enormous if we can harness it. Both global and local demand for it is rising daily,” said Bisi Adepegba, former director, Federal Department of Fisheries in a telephone response to questions.
“This is because Nigeria’s shrimps and prawns is one of the best in the world, as a result, there is high global demand for it,” Adepegba said.
Nigerian shrimp is largely produced in the Niger Delta, which is reputed as the second largest brackish habitat in the world, experts say.
Shrimps and prawns which is a subsector in the fishing sector have an inshore production of 17,654 metric tons annually, according to data obtained from the Federal Department of Fisheries.
Eating shrimps 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.
The global value of just shrimps and prawns which is a subsector in the seafood industry is estimated at $39billion and expected to reach $68billion by 2027.
“The potential of the seafood industry is very huge in Nigeria but farmers and investors are not well informed of the opportunities,” Gbola Akande, former executive director, Nigerian Institute for Oceanographic and Marine Research (NIOMR), told BusinessDay in an exclusive interview.
“The Asians have identified this potential in the Nigeria’s shrimps and prawn industry and that is why they are investing massively in it,” Akande said.
He stated that the country currently has an Indian firm that is cultivating farms shrimps and prawns by piping the Atlantic Ocean into their farms, saying that other Asian firms that do export also trawl theirs from the sea.
According to him, local farmers’ needs to be trained on the technology and cold chain infrastructures must be improved upon to drive investments in the subsector.
“Nigeria must provide support to farmers to harness these opportunities in form of cheap credit and infrastructure because cultivating shrimps and prawns requires a massive investment,” Akande added.
Currently, Indian owned – Atlantic Shrimpers, Nigeria’s biggest exporter of the seafood has made over $100million investment in the country’s seafood industry.
Other Nigerian players in the industry includes; 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).
Josephine Okojie
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
