International Institute of Fisheries Economics and Trade
Abstract
Fisheries sector plays an important role in Nigeria economy. Contribution of the sector to the nation's economy can be increased if challenges in the industry are minimized and the opportunities explored. Large scale aquaculture, an economic activity earning people a living is a very important industry encompassing fish traders, fish processors, fish farmers etc. The sector supports many Nigerians directly and indirectly. However fish importation is much more in quantity and value. 80% of aquaculture production in Nigeria is manned by small-scale farmers, except for few commercial ventures. Nigeria is blessed with numerous opportunities for large-scale aquaculture; however the challenges seem to override these opportunities. Constraints to production in the industry have been identified as recurrent high cost fish feed, poor water quality management, poor quality fish seed, technical know-how etc. Beyond the constraints to production are more pertinent factors responsible for un-sustainability of fish farm operation as business ventures. This paper focuses on the investment opportunities in large scale aquaculture and the current challenges that the farmers are facing in Nigeria. The paper shows that unprofitable operation of fish farms in Nigeria could be broadly attributed to two factors: poor production planning and inadequate technical know-how. The paper recommends the need to commercialize the industry through broad government fiscal efforts and sectorial re-organization in Nigeria
