A strategic $1 billion investment at 0–2% interest could help Nigeria slash its annual fish imports by half within four years, according to the Tilapia Aquaculture Developers Association of Nigeria (TADAN).
Speaking at a media parley in Lagos, TADAN's National Vice President, Nurudeen Tiamiyu, described Nigeria's current N1.8 trillion annual spend on fish imports as "economically wasteful," especially given the country's vast marine resources.
"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," Tiamiyu said. "This isn't just about saving money. It's about creating jobs, protecting our forex, and unlocking the economic potential of our water bodies."
Nigeria currently imports over 1.2 million metric tons of frozen fish annually, valued at more than $1.2 billion. This heavy reliance on imports continues despite the country's natural endowment of water resources, including an 850km coastline.
Tiamiyu noted that although the Ministry of Marine and Blue Economy was established to harness marine potential, the fishing and aquaculture sectors have seen little benefit. "The hopes raised by the new ministry have largely been dashed," he said, citing a lack of strategic engagement and underrepresentation of aquaculture in national policy.
He also decried weak accountability in government and donor-led projects. "Many international initiatives failed because of falsified reports and no post-impact assessments," Tiamiyu said, adding that this had led to Nigeria being excluded from new global grant opportunities.
On untapped potential, Tiamiyu pointed to seaweed farming—a $20 billion global industry expected to hit $32 billion by 2032—as a missed opportunity for Nigeria.
"We have the marine environment, but there's no commercial activity in seaweed farming. Most development grants are routed to academics or consultants who don't produce anything," he said.
He praised Lagos State's APPEALS project, supported by the World Bank, but said it's too limited in scope to drive national change.
Tiamiyu also explained that Nigeria's farmed fish, like catfish and tilapia, remain uncompetitive globally due to high production costs. "At over $1 per kilogram, exports aren't viable. Only high-value products like shrimp can currently compete internationally."
Citing the high returns on government securities as a disincentive, he explained that many investors prefer low-risk treasury bills yielding 18–20% over fish farming, which faces risks like poor infrastructure and rising costs.
For aspiring entrepreneurs, Tiamiyu advised starting with logistics, delivery, and marketing rather than jumping straight into capital-heavy farming operations. "Build a customer base, collaborate with existing farmers, and reduce your risk exposure while still creating value," he said.
He concluded by calling for government and development partners to view aquaculture as a catalyst for food security, job creation, and economic diversification under Nigeria's blue economy agenda.
