#100 Billion Redeemable from Nigeria Aquaculture Industry

The Managing Director of Dickem Farm, Godwin Emakenemi said that the country’s aquaculture sector has the capacity to generate over N100 billion in foreign exchange only if the potential in fish farming is well utilized.

According to him, he said that over N100 billion is spent yearly on importation of frozen fish so as to meet the demand in the country.

He said that “The importation of frozen fish is harmful to the economy of the country because it is uneconomical, could depletes the country’s foreign reserve and also do not complement the government’s efforts aimed at achieving the Millennium Development Goals (MDG) mostly as the product could be produced locally”.

From analysis, Emakenemi said that yearly fish demand in the country was 2.66 million as against the yearly domestic production of about 0.78 million.

Also, he added that sinceNigeriais known as one of the most resourceful in aquaculture industry and currently the leading producer of catfish inAfrica, this could result to job creation and also provision of raw materials for the animal feed industry.

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