The country could slash its fish importation by at least 50 per cent within four years if the government commits a $1 billion investment at an interest rate of 0 to 2 per cent, according to the National Vice President of the Tilapia Aquaculture Developers Association of Nigeria (TADAN), Nurudeen Tiamiyu.
Tiamiyu, who spoke yesterday at a media parley in Lagos, said the country currently spends over N1.8 trillion annually on fish imports, a situation he described as “economically wasteful” and avoidable with the right strategy.
He said: “With a well-structured investment of $1 billion at low interest, we can cut our fish imports by at least half in just four years.
“It’s not just about money; it’s about creating jobs, saving foreign exchange, and growing our economy through aquaculture.”
He revealed that Nigeria imports more than 1.2 million metric tons of frozen fish yearly, valued at over $1.2 billion, to fill the domestic supply gap, even though the country is naturally endowed with vast water bodies and an 850-kilometre-long coastline from Lagos to Calabar.
Despite the creation of the Ministry of Marine and Blue Economy, which was expected to harness marine resources for national growth, Tiamiyu lamented that the ministry has yet to make any meaningful impact on the fishing and aquaculture sector.
“The hopes raised by the establishment of the new ministry have largely been dashed. There’s been little strategic engagement from the government, especially from the Department of Fisheries,” he said.
He pointed out that while the ministry houses influential agencies such as the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Ports Authority (NPA), the aquaculture industry remains overshadowed.
“The focus appears to be on revenue generation rather than wealth creation. We’re missing a massive opportunity to boost food security, create jobs, and diversify our economy,” he added.
Tiamiyu attributed the sector’s stagnation not only to poor funding but also to weak accountability mechanisms in government-led or donor-supported initiatives, stating: “Several international projects have failed here because of falsified reports and the absence of proper post-impact assessment. That’s why Nigeria has been excluded from future phases of certain global grant programmes.”
He cited the global seaweed industry, currently valued at $20 billion and projected to reach $32 billion by 2032, as a missed opportunity.
“Nigeria has the marine environment to thrive in seaweed farming, but no commercial activity is happening. Development grants are often misdirected—going to academics or consultants without any production experience,” he noted.
Comparing Nigeria to other African nations, Tiamiyu said countries with far fewer natural resources have established standalone ministries for fisheries and aquaculture, showing stronger political will to grow the sector.
He acknowledged the Lagos State government’s APPEALS project, supported by the World Bank, as a step in the right direction but said its scope was too limited to drive nationwide change.
On export potential, Tiamiyu stressed that Nigerian farmed fish like tilapia and catfish are not yet globally competitive, as production costs per kilogram remain well above $1.
“At that rate, exports are not viable,” he explained. “Only high-value products like shrimp can currently compete on the international stage,” he stated.
He also flagged structural disincentives for aquaculture investment, citing the high returns on government securities.
“With treasury bills offering 18 to 20 percent, most investors would rather buy those than invest in fish farming, which comes with risks like poor infrastructure and unpredictable operational costs,” he said.
For aspiring players in the sector, Tiamiyu advised against jumping straight into capital-intensive farming.
“Start with logistics, delivery systems, and marketing. Build a customer base, collaborate with established farmers, and reduce your risk exposure while still creating value,” he advised.
He concluded by encouraging policymakers and development partners to see aquaculture as a strategic lever for food security, employment, and economic diversification within the nation’s evolving blue economy framework.
Rewrite this news
