$1bn investment could halve Nigeria’s fish imports in 4 years – TADAN

Nigeria could reduce its annual fish importation by at least 50% within four years if the government invests $1 billion at an interest rate of 0 to 2%, says Nurudeen Tiamiyu, National Vice President of the Tilapia Aquaculture Developers Association of Nigeria (TADAN).

Speaking at a media parley in Lagos, Tiamiyu described Nigeria’s current annual fish import bill—estimated at over ₦1.8 trillion—as economically unsustainable. He emphasized that with strategic investment in aquaculture, the country could significantly cut imports, save foreign exchange, and create thousands of jobs.

“With a properly structured $1 billion investment at low interest, we can cut fish imports by half within four years,” he stated. “This is not just about fish, but about creating employment, boosting food security, and driving economic growth.”

Tiamiyu revealed that Nigeria imports more than 1.2 million metric tons of frozen fish annually, valued at over $1.2 billion, despite being richly endowed with inland water bodies and an 850-kilometre coastline.

He criticized the performance of the newly established Ministry of Marine and Blue Economy, noting that it has yet to make a tangible impact on the fisheries and aquaculture sector. “There’s been little strategic engagement from the government, especially from the Department of Fisheries,” he said.

According to him, the ministry’s focus has been skewed towards revenue generation through agencies like the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Ports Authority (NPA), while aquaculture continues to be neglected.

Tiamiyu also pointed to weak accountability in government and donor-funded projects as a major hindrance to sectoral growth. He cited failed international initiatives caused by falsified reports and lack of post-impact assessments, which have led to Nigeria’s exclusion from subsequent phases of global development programmes.

He highlighted seaweed farming as a missed opportunity, noting that Nigeria possesses the marine environment needed for the $20 billion global seaweed industry, projected to grow to $32 billion by 2032. However, there is no commercial seaweed activity in the country.

“Funds are often misdirected—given to academics and consultants with no hands-on production experience,” he said.

Tiamiyu further argued that other African nations, with fewer natural resources, have demonstrated greater political will by creating standalone ministries for fisheries and aquaculture—something Nigeria has yet to do.

While commending the Lagos State government’s World Bank-supported APPEALS project, he maintained that its reach is too narrow to drive national change.

On export potential, Tiamiyu said Nigerian farmed fish such as tilapia and catfish are not globally competitive, with production costs exceeding $1 per kilogram. He explained that only high-value seafood like shrimp currently has viable export potential.

He also highlighted investment challenges in aquaculture, noting that high returns on government securities—ranging from 18% to 20%—discourage private investment in risk-prone sectors like fish farming.

“Why would anyone invest in fish farming, with all its infrastructure challenges and unpredictable costs, when treasury bills offer better returns with zero risk?” he asked.

For new entrants, he advised starting with value-chain services such as logistics, delivery, and marketing before venturing into full-scale farming.

In conclusion, Tiamiyu urged policymakers and development partners to treat aquaculture as a critical component of Nigeria’s blue economy and a strategic tool for achieving food security, job creation, and economic diversification.