Pelagic fish production in Nigeria has seen significant fluctuations over the past decade, peaking in 2017 and 2018 before experiencing a slight decline. The year-on-year increase in 2023 was a modest 1.08% compared to the previous year, standing at 166.13 thousand metric tons. The compound annual growth rate (CAGR) over the last five years is relatively low at 0.29%, signaling a period of stabilization after previous volatility.
Significant variations include a steep drop of -45.86% in 2015, followed by a robust recovery of 81.01% in 2017. The recent five-year forecast predicts a stable upward trend, with a projected 5-year CAGR of 0.87% and overall growth rate of 4.42% by 2028.
Future trends to watch for include the effects of climate change on fish populations, evolving regulatory policies, advancements in fishing technology, and potential increases in demand driven by population growth and dietary shifts toward healthier options.
