Fishery, aquaculture to hit N4trn in FG’s ambitious growth plan
Nigeria’s fisheries and aquaculture sector holds transformative potential, with the possibility of generating up to N4 trillion in economic output by 2030. Despite the vast aquatic resources that Nigeria has at its disposal, the sector remains largely underdeveloped, with local production unable to meet the growing demand for fish and related products. The annual fish demand is approximately 3.6 million metric tons, whereas local production is 1.2 million metric tons. There is thus a gap of 2.4 million metric tons which imports help to bridge.
At an interactive session with print media editors in Lagos, Ministry of Marine and Blue Economy, Adegboyega Oyetola, pointed out that the Ministry’s strategic focus is on upscaling fish production sustainably by tapping into Nigeria’s vast marine resources. He pointed to the government’s commitment to driving the sector forward, especially through public-private partnerships (PPPs), which are expected to foster sustainable development while boosting economic opportunities.
The Minister revealed that the Department of Fisheries and Aquaculture, which was recently transferred to the Ministry, has already made strides in engaging stakeholders to identify the needs of the sector and develop strategies to meet these demands.
With the support of international partners such as International Food Policy Research Institute (IFPRI) and African Union Inter-African Bureau for Animal Resources (AU-IBAR), policies have been finalised to enhance governance within the sector. As part of ongoing reforms, the Ministry is preparing to review the Sea Fisheries Act to address emerging challenges, including combating Illegal, Unreported, and Unregulated fishing (IUU). This review is expected to be a key component in modernising the sector and addressing critical gaps in the country’s fisheries regulations.
Oyetola emphasised the importance of learning from best practices in countries like Morocco, which has successfully developed its fisheries and aquaculture industries. According to him, the Ministry is currently working with the private sector to establish state-of-the-art fish harbours and terminals on a Public–private partnership (PPP) basis. These infrastructure projects are designed to modernise Nigeria’s fisheries sector and help the country position itself as a leader in the global seafood market.
In addition to infrastructure, the Minister proudly announced that Nigeria achieved 100% compliance in the Turtle Excluder Devices (TEDs) re-certification exercise in September 2024, a certification carried out by the US Department of State. This is a significant milestone, as the TED certification will facilitate the export of Nigerian shrimp and fish products to lucrative markets like the USA and the EU.
One of the most innovative aspects of the Ministry’s efforts to expand fish production is the Oyan Dam Cage Culture Model. Following the approval from the National Council on Water Resources and Sanitation (NCWR&S), the Ministry is collaborating with the Federal Ministry of Water Resources and Sanitation to replicate this model on impounded waters across the country.
By utilising dams for cage culture, the Ministry hopes to accelerate fish production, boost food security, and create job opportunities, all while promoting private sector-led initiatives. This collaboration between the two Ministries also highlights the importance of inter-agency cooperation in achieving the broader goal of a thriving fisheries sector.
For sustainability, the Ministry is focusing on the economic, social, and environmental sustainability of the catfish value chains, especially through collaborations with international organisations like the FAO. Under the FAO-Fish4ACP programme, Nigeria aims to reduce its reliance on fish imports while increasing domestic production. Data from this programme already point to significant increases in local fish production, signaling that the sector’s long-term sustainability is within reach.
The Minister equally added that the Ministry is working towards automating all fisheries operations to streamline processes and enhance service delivery, emphasising that the government is also working on improving the linkages between artisanal fisheries, state and local governments, academic institutions, and research bodies such as the NIOMR. This holistic approach will ensure that all segments of the fisheries sector—from small-scale artisanal fishers to large commercial operations—benefit from increased efficiency and greater access to markets.
The Ministry is also committed to increasing youth and women participation in the fisheries sector. Through targeted programmes, the government plans to empower these groups and create job opportunities, particularly in fish farming, processing, and related value chains.
Such ambitious plans lead to millions of jobs being created across various segments, including farming, processing, logistics, and tourism. With an ambitious goal of increasing Nigeria’s fish production, undoubtedly, the sector is set to contribute N4 trillion to the nation. Additionally, it will help reduce the over N1 billion spent annually on importing fish. The creation of new infrastructure such as fishing harbours, the introduction of modern fish farming techniques, and the expansion of processing facilities will generate significant employment opportunities for youth, particularly in rural areas.
With the strategic direction outlined by Minister Oyetola, the fisheries and aquaculture sector is on track to play a pivotal role in Nigeria’s economic future. By addressing key challenges, including IUU fishing, sustainability, and infrastructure, and through the collaborative efforts of the public and private sectors, Nigerians can expect a transformed fisheries industry that will boost domestic production, create jobs, and increase export revenues.
With a target of N4 trillion in economic contributions, the fisheries sector has the potential to drive Nigeria’s blue economy forward, ensuring long-term economic prosperity, food security, and sustainable development. Minister Oyetola’s ongoing initiatives provide a promising roadmap for achieving these goals and positioning Nigeria as a leader in the global fisheries and aquaculture market.
