(NIGERIA) – Despite its substantial presence in African fish production, the Central Bank of Nigeria (CBN) has revealed that Nigeria’s current local fish production remains insufficient to meet domestic consumption demands.
This inadequacy persists despite the support provided to fish farmers through the Anchor Borrower Programme (ABP).
The CBN disclosed in a report that Nigeria imports 700,000 metric tons of fish annually, surpassing total domestic production by 60,000 metric tons.
Harnessing growth opportunities in Nigeria’s fisheries sector
The report also highlights the significant growth potential within the sector, emphasizing that proper harnessing of these opportunities can contribute significantly to Nigeria’s Gross Domestic Product (GDP).
The report notes that the fisheries subsector has exhibited an impressive average growth rate of 10.3% between 1961 and 2020, compared to the 6% recorded in crop production during the same period.
Fisheries contribute around 4.3% to the total agriculture GDP, significantly enhancing food security and the livelihoods of fish farmers and their families by providing at least 50% of animal protein.
Aquaculture production in Nigeria increased from 25,718 tons in 2000 to 261,711 tons in 2020, making Nigeria the second-highest producer in Africa.
Catfishes accounted for two-thirds of the country’s aquaculture production in 2020, and Nigeria contributed nearly 80% of the world’s aquaculture production of bony tongues.