Nigeria has a significant opportunity to tap into the booming global demand for seafood, including shrimps, crabs, and prawns, which has seen steady growth in recent years. According to a 2024 report by the Food and Agriculture Organisation (FAO), global seafood consumption reached 162.5 million tonnes in 2021, with per capita consumption rising to 20.7 kg in 2022. The export of seafood surpassed $120 billion in 2024, with countries like Norway and Vietnam leading the charge.
As the world’s population continues to grow, experts project seafood production will need to increase by 22% by 2050 to meet demand. Nigeria’s rich resources in shrimp and prawn species, particularly in the Niger Delta, position the country as a prime player in the global seafood market. Wilfred Alegbeleye, a professor of fisheries at the Federal University of Agriculture, Abeokuta, highlighted the potential for Nigerian entrepreneurs to invest in seafood production, emphasizing the growing demand for animal protein both locally and globally.
Nigeria’s seafood industry, currently valued at around $1 billion, has massive export and job-creation potential. In the first nine months of 2024, the country earned N53 billion from seafood exports, including frozen shrimp, prawns, crabs, and lobsters. Despite these gains, experts argue the industry remains underdeveloped and untapped, with a strong opportunity for growth.
However, the lack of technical expertise in domesticating seafood cultivation has slowed investment from local entrepreneurs, with many Asian investors leading the charge. To address this gap, Alegbeleye advocates for government-backed training initiatives and technology transfer programs to empower Nigerian entrepreneurs and drive investment in the sector. He also called for improvements in cold chain infrastructure to support the sector’s growth.
The demand for seafood is driven by its health benefits, including omega-3 fatty acids and antioxidants like astaxanthin, which promote heart and brain health. Shrimps and prawns are rich in protein, vitamins, and minerals, making them increasingly popular among health-conscious consumers worldwide. With strong government support and infrastructure investment, Nigeria has the potential to become a major player in the global seafood market.
The success of companies like Atlantic Shrimpers, which has invested over $100 million into Nigeria’s seafood industry, shows the sector’s promise. Other Nigerian players, including Banarly Nigeria Limited and Seagold Fisheries Limited, are also contributing to the sector’s growth. As global demand for seafood continues to rise, Nigeria’s entrepreneurs and government can harness the full potential of this lucrative market.
