Home » Africa: Nigeria Aims to Boost Shrimp Exports as Global Market Soars to $69.35B by 2028, Aligning with Lagos State’s $2.5B Non-Oil Export Revenue Goal

Africa: Nigeria Aims to Boost Shrimp Exports as Global Market Soars to $69.35B by 2028, Aligning with Lagos State’s $2.5B Non-Oil Export Revenue Goal

by Atqnews
0 comment
Nigeria's shrimp

Nigeria’s shrimp and prawn export revenue remains at approximately N50 billion, with recent data from the National Bureau of Statistics (NBS) revealing that the country exported frozen shrimps and prawns worth N5.13 billion in the first quarter of this year.

According to thenationonlineng.net, However, there has been a notable decline, as the nation’s shrimp and prawn exports experienced a 35.9 percent drop, falling from N8.8 billion in 2017 to N5.64 billion in 2018. This data underscores the challenges and fluctuations in Nigeria’s seafood export industry.

This comes as the Lagos State government is seeking increase in the nation’s revenue from non-oil exports, estimated at $2.5 billion between January and June, this year.

Global Shrimp Market is expected to be $ 69.35 billion by 2028, according to Research and Markets, a leading business intelligence company.

READ: Africa: Lagos State Government Unveils Plan to Support Exporters, Aims to Become an International Trade Hub with New Export Promotion Policy

Its report posited that the demand for shrimp is increasing not only in the food industry but also in other sectors such as pharmaceuticals, healthcare, and cosmetics, mainly because of its beneficial properties such as antioxidant and anti-aging effects.

To promote growth, the Lagos Commissioner for Agriculture Ms Abisola Olusanya, stressed the need to broaden the capacity of the local industry to increase the productivity, quality, profitability, and environmental sustainability of shrimp farming by smallholders.

She continued that the Lagos State Government wants to work with operators to implement various measures to support trawl fisheries to be involved in harvesting shrimp in the deep waters.

READ: Africa: Acting Chairman Manufacturers Association of Nigeria Export Promotion Group- Odiri Erewa, Shares Vision to Boost Made-in-Nigeria Products on Global Market

She said support would be given to investors to increase the number of trawlers working around Lagos coastal waters. This, the commissioner expects, will have major impact in growing industrial shrimp trawling.

She reiterated that there was a great potential to tap into, through the application of science, technology, innovation, as well as through improved policy frameworks.

Speaking with The Nation, a fisheries expert, Prof Martins Antekhai attributed the shrinking shrimps volume to increased input costs. He explained that local players are challenged by higher logistics costs apart from issues such as biosecurity measures, investment in health management practices and teaming up with external professional parties in the research and development (R&D) effort to enhance farming.

READ: News: Netherlands Continues to Lead as Nigeria’s Top Export Destination in Q2 with N788.8 billion, representing 11.24% says Bureau of Statistics

He added that shrimp farmers have had to incur greater expenses to protect themselves from the insecurity that country is experiencing .

According to the Nigerian marine waters are plagued with almost daily attacks by armed robbers on shrimp trawling vessels, leading to killings and maiming of crew members.

He pointed out that with the situation in the sector in Africa, operators would continue to generate low profits or loss.

He however, noted that shrimp industry has stable long-term growth prospect due to its high demand.

According to him, local shrimp producers are banking on the government support to sustain the industry’s growth.

He was optimistic about the government was going to achieve new heights in the shrimp sector through a multipronged strategy that will be developed by the Ministry of Blue Economy

At the leading spot, export to Netherland was N1.18 billion in 2019 first quarter, followed by Belgium, France, Vietnam and the United States.

Meanwhile, there are moves to increase both the quality and quantity of its seafood exports, especially those destined for E.U. and U.S. markets.

The Federal Government has identified fisheries and seafood products in the states of Adama, Akwa Ibom, Bayelsa, and Lagos as ideal for the One State One Product (OSOP) programme . The program is carefully selected to prepare the exporters of seafood to take advantage of the increasing demand and market share for [their products within] the international market,” Nigeria Export Promotion Council (NEPC) Director-General Ezra Yakusak said. In partnership with the Nigerian Federal Department of Fisheries, NEPC has been training fish farmers, processors, marketers, and exporters on how to address concerns raised by food safety authorities in the U.S. and the E.U., with the goal of producing seafood that meets their standards.

Lagos had in January inaugurated an export committee aimed at re-invigorating broad production and agricultural activities across the state.

Speaking during the Seventh Trade Fair organised by National Association of Small Scale Industrialists NASSI) in Lagos , the Commissioner, Commerce, Cooperatives Trade and Investment, Mrs Folashade Ambrose-Medebem explained that the committee, comprising representatives of the ministries, departments, and agencies, as well as experts from diverse professions, are working to increase the number of players in the non-oil export business and grow the economy of the state and Nigeria at large.

She reiterated the commitment of the government to support companies exporting goods and services, saying the move would boost the state’s economy, create jobs and position it as a hub for international trade.

She indicated that the administration of Governor Babajide Sanwo-Olu is developing an Export Promotion Policy to provide support to companies exporting their products and services, and that the providing fund resilient infrastructure, highlighted some of the state government’s intervention for Micro, Small and Medium Enterprises (MSME) to include the disbursement of over N8.4bn to 12,710 MSMEs through the Lagos State Employment Trust Fund, which, according to her, helped them navigate the negative effects of the COVID-19 pandemic and other challenges.

Lagos State Chairman, NASSI, Mrs Gertrude Akhimien said members of the association contribute approximately N1 billion to the economy.

She said Small and medium-sized enterprises (SMEs) are the backbone of the economy and have been used as major instruments for poverty reduction and inclusive economic growth.

She urged the government and development agencies to support SMEs in contributing more fully to economic wealth and development.

The Chairman, Local Organising Committee, Peter Popoola said the fair was a means to boost SMEs’ competitiveness to better in the supply chains.

He said the fair was a great opportunity for small businesses to seek new markets and assist SMEs become more competitive and sustainable.

He lamented that inflation, as well as supply-chain issues and workforce challenges, were weighing heavily on businesses.

According to him, the growth of SMEs is critical to the economic development of the country.

You may also like

Leave a Comment

ATQnews.com

ATQnews.com® a member of Travel Media Group is the online platform for African Travel Quarterly (ATQ), the first travel magazine in West Africa which solely focuses on travel and tourism issues. 

ATQNEWS

Latest News

ATQNEWS @2024 – All Right Reserved.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00