Key Market Indicators
Nigerian Fish Production is projected to decline, dropping from 260,000 metric tons in 2023 to approximately 240,000 metric tons by 2028. This represents a compound annual growth rate (CAGR) decrease of 1.3%. Historical data shows that since 1965, the nation's fish supply has been falling at an average rate of 2.3% per year. Meanwhile, Nigerian Fish Consumption is also expected to see a significant decrease. By 2028, consumption is forecasted to reach around 194,000 metric tons, down from nearly 361,000 metric tons in 2023. This translates to a yearly decline of 9.8% in CAGR. Since 2019, the demand for fish in Nigeria has already been shrinking at an annual rate of 7.1%.
