Fish Farming in Nigeria: 4 Facts You Should Know

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fish farming in Nigeria

Fish farming is undoubtedly one of the most popular type of farming in Nigeria at the moment. Fish farming in Nigeria has gone beyond the traditional method of setting out into a river, stream, sea, ponds, or lakes to bait fish by either casting nets or fishing tackle (although this is still very much practiced). Nowadays, with the modern-day fishing farming methods in Nigeria, you can practice fish farming in your compound or with a water tank, provided you have the space.

Fish is an essential source of food in Nigeria; a visit to the typical Nigerian market will present you with various fishery products, from fresh live catfish in plastic buckets to frozen fish, roasted fish, dry fish, and many more. There is a massive market for fish farmers in Nigeria, depending on the type of fish farming you wish to specialise in.

Here are four facts that you should know about fish farming in Nigeria:

4 Facts About Fish Farming in Nigeria

  1. Domestic production only meets about 40% of the demand for fish.
  2. Catfish is the most farmed species.
  3. Nigeria is the 3rd largest producer of fish in Africa.
  4. The contribution of the fisheries sector to Nigeria’s GDP is 3.24%.

Domestic Production Only Meets About 40% of the Demand for Fish.

According to data made available by the World Bank, Nigeria produced about 1,169,478 in 2018, which is about 40% of Nigeria’s total annual fish demand of about 3.4 million metric tons; the rest of 60% of demand is met through fish importation.

Considering this data, you must have guessed by now that there is a huge market for intending fish farmers in the country. In an interview with Premium Times news outlet, An aquaculture expert in Nigeria stated the need for Nigeria to raise 400,000 new fish farmers into the Nigerian aquaculture industry.

Catfish is The Most Farmed Fish Species in Nigeria

The aquaculture sector involved in the breeding, rearing, and harvesting of fish in Nigeria grew in production from 21,700 tonnes in 1999 to 316,700 in 2015, which is an over 1,400% increase within 25 years. Despite this growth, catfish, which are typically grown in ponds and tanks, is the most farmed species in the country and is responsible for more than half of the aquaculture production.

The National President of Catfish Association of Nigeria (CAFAN), CHIEF Tayo Akingbolagun, in his statement at their 2016 annual general meeting, said that Nigeria produced over 370,000 metric tonnes of catfish.

Nigeria is the 3rd Largest Producer of Fish in Africa.

The world total fisheries report by the World Bank’s most recent data in 2018 showed that Nigeria is currently Africa’s 3rd largest producer of fish in Africa at 1,169,478 metric tons, with Egypt (1st) and Morocco (2nd) leading the continent at 1,934,743 and 1,387,815 metric tons respectively.

Nigeria’s household fish consumption per capita is 13.3kg annually, which is low compared to the world’s average, which is at 20.3kg per capita annually.

fish farming in Nigeria NBC GDP stats

The Contribution of the Fisheries Sector to Nigeria’s GDP is 3.24%

According to the GDP data released by the National Bureau of Statistics (NBS) for Q1 2021, the fisheries sector had a 3.24% contribution to the country’s GDP. This was a positive indicator for the fisheries sector, which had a -3.60% and -2.07% growth contribution in Q4 and Q3 2020.

Despite having a 5.68% contribution in Q2 2020, its total contribution to the country’s GDP in the year 2020 was 0.26%.

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Frank Altman

Non-Executive Director

Pioneer of secondary markets for community development and $3.5B+ in managed funding.

Frank Altman is the founder and first CEO of the Community Reinvestment Fund (CRF), USA, where he pioneered secondary markets for economic development loans. Under his leadership, CRF funded over $3.5 billion in loans across 50 U.S. states. He was instrumental in designing the federal New Markets Tax Credit and is an advisor to the Federal Reserve Bank of San Francisco.

Altman is an Ashoka Senior Fellow and the author of A New Capitalism: Creating A Just Economy That Works For All. He brings global expertise in risk management and capital structures to Babban Gona.

Michael Jainzik

Independent Non-Executive Director

Michael Jainzik works as an independent consultant and brings his extensive expertise in the areas of agricultural finance, international investments, risk management and corporate governance. He is currently based in Rome, Italy.
 
From 2001 to 2011, Michael worked as an investment professional at KfW Development Bank, focusing on international debt financing and equity investments in investment funds and banking institutions, mainly in the areas of agricultural finance and microfinance. From 2011 to 2015 he worked as Director of KfW’s office in Windhoek. In this role, he helped manage and develop KfW’s EUR 250 million portfolio in Namibia. From 2015 to 2017, he took on the position of Head of Corporate Development at Access Microfinance Holding, where he was responsible for structuring and leading a merger process between Access Holding and another company.
 
Prior to joining Babban Gona, Michael served as a non-executive director in Access Bank Azerbaijan (2006-2011, Chairman), Belarusian Bank for Small Business (2008-2011), Rural Impulse Fund II Luxemburg (2010-2011) and AB Bank Zambia (2011-2016).
 
Michael studied economics and management at the Universities of Lüneburg and Witten/Herdecke (Germany) and at ETEA – Universidad Loyola in Córdoba (Spain) and holds a Master’s degree in economics and management.

Alhaji Bello Maccido

Board Chairman

Over 32 years of executive leadership in corporate and investment banking.

Alhaji Bello Maccido is a distinguished leader in the Nigerian financial services sector. He currently serves as the Chairman of FBN Merchant Bank Ltd. and has previously held board positions at FBN Holdings Plc, First Bank of Nigeria Plc, and Legacy Pension Manager Limited.

He holds the traditional title of “Wakilin Sokoto” and is a Fellow of both the Chartered Institute of Stockbrokers and the Chartered Institute of Bankers of Nigeria.

Alhaji Maccido’s educational background includes an LL.B from Ahmadu Bello University and an MBA from Wayne State University. He is a Barrister at Law (BL) of the Supreme Court of Nigeria and an alumnus of executive programs at Harvard Business School and IMD Lausanne.

Muhammad Sanusi, CON

Chairman of the Board

His Highness Muhammad Sanusi was appointed the 10th Governor and Chairman of the Board, Central Bank of Nigeria on 3 June 2009. He earned Bachelor’s and Master’s degrees in Economics from the Ahmadu Bello University, Zaria, and also has a first-class degree in Sharia and Islamic Studies from the African International University, Khartoum, Sudan.
 
From working as a lecturer at the Ahmadu Bello University, where he taught Economics, he joined the banking industry in 1985, and by January 2009 had risen to General Manager and Group Managing Director of First Bank of Nigeria PLC, Nigeria’s oldest and biggest bank. Mallam Sanusi has been conferred with a National Award of Commander of the Order of the Niger (CON) by the President of the Federal Republic of Nigeria and has also been awarded the “Global Central Bank Governor for 2010” by The Banker Magazine, a publication of the Financial Times.
 
He was also voted Central Bank Governor of the Year for Sub-Saharan Africa 2009 (an award he won again in 2010) by Emerging Markets, a publication of Euromoney Institutional Investors. In 2011, Mr. Sanusi was named Forbes Africa Person of the Year for 2011. He was also listed by TIME Magazine as one of the 100 most influential people in the world. Kola Masha (Managing Director) Prior to Babban Gona, Kola was a Managing Director and CEO of a major subsidiary in the Notore.

Lola Masha

Non-Executive Director

Dr. Lola Masha is a seasoned technology leader with over 15 years of experience at the intersection of mobility, technology, and agriculture. She currently serves as a Partner at Antler, a global early-stage venture capital firm. Previously, she was the Regional General Manager for North, East, and West Africa at Bolt, overseeing strategic operations in a high-growth mobility sector.

Her career includes leadership roles as Director of Trust and Safety at OLX Group (overseeing 30+ markets) and Country Manager for OLX Nigeria. She was also one of the earliest employees at Google Sub-Saharan Africa. Dr. Masha holds a PhD in Chemical Engineering from the University of California, Berkeley, and a B.Sc. from the University of Virginia.

Kola Masha

Managing Director

First leader of a for-profit social enterprise to win the Skoll Award for Social Entrepreneurship.

Prior to co-founding Babban Gona, Kola was CEO of a subsidiary in the Notore Group, where he led a commercial strategy to sell one million tons of fertilizer and raised $130 million in equity.

He has held leadership roles at GE and Abiomed and served as a Senior Advisor to the Nigerian Minister of Agriculture.

Under his leadership, Babban Gona became the first for-profit social enterprise to win the prestigious Skoll Award for Social Entrepreneurship, recognizing the organization’s innovative approach to transforming smallholder farming in Nigeria.

He holds an MBA with Honors from Harvard and a Master’s in Mechanical Engineering from MIT.

Kola Masha

 

Prior to Babban Gona, Kola was a Managing Director and CEO of a major subsidiary in the Notore Group, one of Nigeria’s leading agricultural conglomerates, where he raised US$24 Million to develop an integrated agricultural trading, production and processing business.

Furthermore, he led the development and execution of Notore’s commercial strategy across West and Central Africa, preparing the company to sell one million tons of fertilizer and establish a modern seed business.

He led the effort to raise $130 million in equity and the restructuring of $360 Million in debt. Kola brings significant leadership experience in venture capital, corporate finance, business development, marketing and operations, across four continents with multiple global companies, including GE, Notore and Abiomed. In addition, Kola brings extensive public sector experience as Senior Advisor to the Nigerian Minister of Agriculture.

In recognition for his leadership in driving positive change on the African Continent, he has received several global awards including the prestigious Eisenhower Fellowship, a leading leadership institute led by General Collin Powell and appointed to the Board of the African Enterprise Challenge Fund, a $250 Million fund that awards grants and repayable grants to private sector companies to support innovative business ideas in agriculture, agribusiness, renewable energy, adaptation to climate change and access to information and financial services. Kola holds an MBA (Honors) from Harvard and a Masters in Mechanical Engineering from the Massachusetts Institute of Technology.