Nigeria: Freshwater Fish Market 2024

Freshwater Fish Market Size in Nigeria

In 2022, the Nigerien freshwater fish market decreased by X% to $X, falling for the third consecutive year after two years of growth. In general, consumption continues to indicate a dramatic setback. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Freshwater Fish Production in Nigeria

In value terms, freshwater fish production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the production volume increased by X% against the previous year. Freshwater fish production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Freshwater Fish Exports

Exports from Nigeria

In 2022, shipments abroad of freshwater fish increased by X% to X tons, rising for the second year in a row after two years of decline. Overall, exports showed significant growth. The pace of growth was the most pronounced in 2016 when exports increased by X%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, freshwater fish exports stood at $X in 2022. Over the period under review, exports, however, continue to indicate a mild downturn. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X tons) was the main destination for freshwater fish exports from Nigeria, accounting for a X% share of total exports. Moreover, freshwater fish exports to Hong Kong SAR exceeded the volume sent to the second major destination, Bahrain (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (X% per year) and Ireland (X% per year).

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for freshwater fish exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by Bahrain ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Hong Kong SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (X% per year) and Ireland (X% per year).

Export Prices by Country

In 2022, the average freshwater fish export price amounted to $X per ton, with a decrease of X% against the previous year. Overall, the export price faced a precipitous contraction. The most prominent rate of growth was recorded in 2020 an increase of X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to Ireland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bahrain (X%).

Freshwater Fish Imports

Imports into Nigeria

In 2022, purchases abroad of freshwater fish decreased by X% to X tons, falling for the third consecutive year after two years of growth. In general, imports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, freshwater fish imports fell markedly to $X in 2022. Over the period under review, imports continue to indicate a precipitous curtailment. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

Morocco (X tons), Democratic Republic of the Congo (X tons) and Malaysia (X kg) were the main suppliers of freshwater fish imports to Nigeria, with a combined X% share of total imports. These countries were followed by Singapore, which accounted for a further X%.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Morocco ($X), Democratic Republic of the Congo ($X) and Malaysia ($X) were the largest freshwater fish suppliers to Nigeria, with a combined X% share of total imports. These countries were followed by Singapore, which accounted for a further X%.

In terms of the main suppliers, Singapore, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average freshwater fish import price stood at $X per ton in 2022, falling by X% against the previous year. Overall, the import price showed a deep setback. The most prominent rate of growth was recorded in 2020 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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