The global appetite for seafood, including shrimps, crabs, and prawns, is creating a lucrative export opportunity for Nigerian entrepreneurs. With worldwide seafood consumption reaching 162.5 million tonnes in 2021 and exports surpassing $120 billion in 2024, experts are urging Nigeria to tap into its untapped potential.
According to the Food and Agriculture Organization (FAO), per capita seafood consumption hit 20.7kg in 2022, driven by health-conscious lifestyles, urbanization, and the convenience of seafood. Major exporters like Norway and Vietnam are leading the charge, earning $15.5 billion and $10 billion, respectively, in 2024.
The FAO predicts that seafood production must increase by 22% by 2050 to meet global demand, presenting a massive opportunity for Nigeria, which boasts some of the world’s best shrimp and prawn species.
Despite an estimated seafood industry value of $1 billion and N53 billion earned from seafood exports in just nine months of 2024, Nigeria’s potential remains underutilized. The Niger Delta, home to the world’s second-largest brackish habitat, produces top-quality shrimp and prawns but faces challenges in scaling up production.
Professor Wilfred Alegbeleye of the Federal University of Agriculture, Abeokuta, highlighted the need for investment in local seafood production. “Nigeria’s shrimps and prawns are globally renowned, but we need more investment in domestic production and cold chain infrastructure,” he said.
Asian companies currently dominate Nigeria’s seafood industry, investing heavily to capitalize on the opportunities. Alegbeleye called for government support to train Nigerians, transfer technology, and provide affordable credit to encourage local entrepreneurs.
“Our youths need technical know-how, and cold chain infrastructure must be improved to attract investments,” he said.
Exporters like Musa Idris have also emphasized the sector’s foreign exchange potential, noting that even crayfish is now exported to landlocked African countries.
Indian-owned Atlantic Shrimpers, Nigeria’s largest seafood exporter, has already invested over $100 million in the industry. Other notable players include Banarly Nigeria Limited, Karflex Fisheries Limited, and Seagold Fisheries Limited.
Experts see immense growth potential across the seafood value chain, from production and processing to export.
To fully harness its seafood potential, Nigeria must address critical gaps in technology, training, and infrastructure. With global seafood production expected to rise by 10% by 2032 to meet consumption demands, Nigerian entrepreneurs have a unique opportunity to build a thriving industry, create jobs, and drive foreign exchange earnings.
As the FAO noted, aquatic foods provide essential nutrients and contribute significantly to global protein supplies. By investing strategically, Nigeria can position itself as a major player in the global seafood market.
