The volume of crustaceans exports from Nigeria has shown a significant decline from 2014 to 2023, with a notable year-on-year reduction of 13.24% in 2023. As of 2023, the export volume stood at 3.08 thousand metric tons. Over the last five years leading up to 2023, the compound annual growth rate (CAGR) was -10.98%, indicating a consistent downward trend. Historically, the data exhibits substantial year-on-year drops, particularly in 2015 (-25.45%), 2016 (-23.71%), and 2020 (-25.15%). Despite minor positive movements in certain years, the overall trend remains downward.
Future forecasts indicate a continued decline, with the expected export volume dwindling to 0.65 thousand metric tons by 2028. The forecasted CAGR over the next five years from 2023 is -24%, projecting a total growth rate decline of -74.64%. These figures suggest steeper declines ahead, stressing the need for monitoring potential economic, environmental, and policy changes that could impact this sector.
