Global shrimps market gulps up to $150bn

AN EXPERT IN FISHER IES HAS RE VEALED that Nigeria seafood Agriprenuers can generate a lot of income in the fishery industry, especially in the production of prawns and shrimps.

Bisi Adepegba, former director, federal department of Fisheries revealed that the global seafood market which is worth about $150 billion is a huge opportunity for seafood growers in Nigeria to invest in.

Adepegba said, “The opportunities in shrimps and prawns cultivation is enormous if we can harness it. Both global and local demand for it is rising daily.

“This is because Nigeria’s shrimps and prawns are one of the best in the world; as a result, there is a high global demand for it.”

According to data released by the Federal Department of Fisheries, it shows that shrimps and prawns production is estimated at 17,654 metric tonnes annually.

Also, an estimated figure of about $39 billion is expected to be generated from the global shrimps and prawns productions, while the entire seafood industry has an estimation of about $68billion by 2027.

However, Gbola Akande, former executive director, Nigeria Institute for Oceanographic and Marin Research (NIMOR), attested of the economic potential in the seafood industry in the country but frowned at the lack of awareness from farmers and investors on the vast opportunities in the industry.

Akande said, “The potential of the seafood industry is very huge in Nigeria but farmers and investors are not well informed of the opportunities.

“The Asians have identified this potential in Nigeria’s shrimps and prawn industry and that is why they are investing massively in it.”

He revealed that Nigeria has an Indian firm cultivating shrimps and prawns via the Atlantic Ocean into their farms and other Asian firms that export these products also trawl theirs from the sea.

He harps on local fishermen to adopt the use of modern technologies and cold chain infrastructures to move the seafood industry forward.

“Nigeria must provide support to farmers to harness these opportunities in form of cheap credit and infrastructure because cultivating shrimps and prawns require a massive investment,” he added.

Akande reiterated that he Nigerian seafood industry is estimated at about $1 billion and has the potential to create hundreds of jobs for the citizens, it is still largely untapped due to the low technical knowhow and weak equipment which has prevented local and foreign stakeholders to develop the industry.

Also, areas, where seafood consumption is highly needed, is the fast-food sector of the hospitality industry due to a large number of premium fast-food outlets it is one area that needs to be tapped into.

Moreover, the country has about 910,768 square kilometres of land covered with both fresh and saltwater which most is in the Niger Delta which is the second-largest brackish habitat in the world.

Data revealed by the Federal Department of Fisheries says that Shrimps and prawns have an inshore production of 17,654 metric tons annually, also Nigerian shrimp is largely produced in the Niger Delta and it is the second-largest brackish habitat in the world.

This growth is triggered due to the knowledge derived by global seafood lovers haven discovered the huge nutritional benefits in the consumption of seafood. Food nutritionist revealed that seafood contains rich contents of omega-3 fatty acids and antioxidant astaxanthin which helps to promote the heart and brain health, shrimp is also a very good source of protein and has a rich vitamin and mineral content.