Lagos Leads The Charge As States Target $296B Aquaculture Revenue Opportunity

Lagos Leads The Charge As States Target $296B Aquaculture Revenue Opportunity

Efforts are underway to ensure that Nigeria capitalises on its estimated annual aquaculture revenue potential of $296 billion.

The African chapter of the World Aquaculture Society (WAS) has indicated that Nigeria’s aquaculture sector possesses the capability to generate this substantial revenue.

Currently, the National Bureau of Statistics (NBS) values the local fish industry at approximately N120.043 billion.

However, the sector is facing significant challenges due to escalating feed prices, which particularly threaten small and medium-sized enterprises.

The Lagos State Catfish and Allied Farmers Association of Nigeria (LASCAFAN) has voiced concerns regarding the increasing costs of inputs that are hindering the operations of local fish farmers.

The president of LASCAFAN, Mr. Sejiro Oke-Tojinu,  noted that the high expenses associated with running a fish farm have led to the closure of several farms, as many farmers find it unaffordable. In response, private sector entities and farmers are collaborating to develop aquaculture industries, focusing on research and investment in breeding programmes. With the population in Lagos on the rise, the Lagos State Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, stated that the demand for seafood currently surpasses domestic production and continues to increase.

She emphasised that the government was investing in collaborative initiatives to foster industry growth and support innovation, enabling the sector to navigate risks and seize opportunities.

These include supporting farmers  to acquire knowledge on fish breeding, management, harvesting, processing, smoking, storage, marketing, and how to mitigate risk and secure their investments.

According to her, the government acknowledged the significant economic contribution of aquaculture and reaffirms its commitment to fostering a robust, innovative, and sustainable domestic industry.

Additionally, the Solidaridad network, an international civil society organisation, is executing the Aquaculture Development Project Nigeria in the Eriwe Fish Farm Village, one of Sub-Saharan Africa’s largest cooperative fish clusters, which includes over 1,300 farmers cultivating catfish in more than 4,000 traditional earthen ponds.

The project focuses on strengthening the capabilities of fish farmers through the adoption of modern and climate-smart methodologies.

In Nigeria, Solidaridad is implementing this initiative in partnership with Aller Aqua, AquaMind, OxyGuard, the Tai Solarin College of Education, and the Ijebu Development Initiative on Poverty Reduction, with funding provided by the Danida Market Development Partnership.

The Sikiru Adetona College of Education, Science and Technology (formerly Tai Solarin College of Education), has incorporated the Aquaculture Development Project Nigeria, managed by Solidaridad, into its vocational training offerings. Aquaculture is now a required course in the college’s three-year certification and degree programs.

The Provost, Tai Solarin College of Education, Dr. Adeola Lukman,  remarked that the vocational training in aquaculture will cultivate students’ entrepreneurial skills, empowering graduates to become self-sufficient.

Director, West African Region, WAS, Mr. Lanre Badmus, explained that the maritime sector holds significant opportunities that, if properly utilized, could generate resources sustainably and in an environmentally responsible manner.

According to the Food and Agriculture Organisation(FAO)’s forecasts, global fish production  could  surpass 190 million tonnes this year , with aquaculture contributing over 100 million tonnes for the first time and capture fisheries remaining under 90 million tonnes.

It added that aquaculture production will grow by 3.3 percent to 100.8 million tonnes, driven by higher outputs of farmed shrimp and modest increases in oyster, carp and tilapia.