The investment of $ 1 billion could halve the imports of Nigeria fish in four years – Tadan

Nigeria could reduce its annual import of fish by at least 50% within four years if the government invests $ 1 billion with an interest rate from 0 to 2%, says Nurudeen Tiamiyu, national vice president of the Tilapia Aquaculture Developer Association of Nigeria (Tadan).

Speaking in a media parley in Lagos, Tiamiyu described the current annual import invoice of Nigeria fish – estimated at over 1.8 trillion trillion trillions – economically unsustainable. He stressed that with strategic investments in aquaculture, the country could significantly cut imports, save changes and create thousands of jobs.

“With an investment of $ 1 billion properly structured with low interest, we can cut fish imports within four years,” he said. “It is not just about fish, but to create employment, increase food safety and guide economic growth”.

Tiamiyu revealed that Nigeria matters over 1.2 million tons of frozen fish every year, evaluated at over $ 1.2 billion, despite being richly equipped with internal water bodies and an 850 kilometer coast.

He criticized the performance of the Navy and Blue Ministry of Economics of New Constitution, observing that he has not yet had a tangible impact on the fishing and aquaculture sector. “There was a small strategic commitment by the government, in particular by the fishing department,” he said.

According to him, the attention of the ministry has been distorted towards the generation of revenue through agencies such as the Nigerian maritime and Nimasa safety agency and the Nimasa) and the Nigerian Ports Authority (NPA), while aquaculture continues to be neglected.

Tiamiyu has also indicated a weak responsibility in the government and in the projects financed by donors as a serious obstacle to sectoral growth. He cited internationally failed international initiatives caused by falsified relationships and lack of post-impact assessments, which led to the exclusion of Nigeria from the subsequent stages of the global development programs.

He highlighted the agriculture of algae as a missed opportunity, observing that Nigeria has the marine environment necessary for the global industry of $ 20 billion, which is expected to grow at $ 32 billion by 2032. However, there is no commercial algae business in the country.

“Funds are often erroneously directed, academics and consultants without practical production experience,” he said.

Tiamiyu also claimed that other African nations, with less natural resources, have shown greater political will, creating autonomous ministries for fishing and aquaculture, something that Nigeria has yet to do.

While praises the appeals project supported by the Lagos State Bank, he claimed that his scope is too tight to guide national change.

As for the export potential, Tiamiyu said that Nigerian cultivated fish such as Tilapia and catfish are not competitive globally, with production costs higher than $ 1 per kilogram. He explained that only high value seafood such as prawns currently have a practical export potential.

He also highlighted the challenges of investments in aquaculture, observing that high returns on government securities-they have an advantage from 18% to 20%-scroll private investments in risk risk sectors such as fish breeding.

“Why should someone invest in fish breeding, with all its infrastructure challenges and unpredictable costs, when treasure invoices offer better yields at zero risk?” he asked.

For the new participants, he recommended to start with value chain services such as logistics, delivery and marketing before venturing into large -scale agriculture.

In conclusion, Tiamiyu urged politicians and development partners to treat aquaculture as a critical component of the Nigerian blue economy and a strategic tool to achieve food safety, the creation of jobs and economic diversification.

Related