Description

The Nigerian economy is heavily burdened with the exorbitant amount of importation of goods and services incurred annually. This weight has been felt most due to the gross incapacities left by the void in the Agricultural sector. Major expenditure is largely invested in the importation of food.  A major part of agriculture is aquaculture with an annual fish demand estimated to be about 3.3 million metric tons with production capacity at 1.2 million metric tons resulting in a gap in the supply of 2.1 million metric tons.

The Federal Government protested that 5.4% of global imports with an amount of $700 million were spent on fish making the country the largest importer of fish and fishery products in the continent and fourth-largest after China, Japan, and the US in terms of volume.

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