Crustaceans production in Nigeria has shown significant fluctuations over the past decade. In 2023, it stood at 69.9 thousand metric tons. After a substantial spike of 79.4% in 2017, the production saw a slight downward adjustment in subsequent years with intermittent growth. Notably, between 2019 and 2021, a significant increase was observed, marking an 18.45% rise in 2021. The overall Compound Annual Growth Rate (CAGR) from 2018 to 2023 was 2.89%. Future production is expected to grow at a forecasted 5-year CAGR of 2.34%, reaching 80.82 thousand metric tons by 2028.
Future trends to watch for include:
- Potential impacts of climate change on marine resources.
- Technological advancements in aquaculture methods.
- Government policies related to sustainable fishing practices.
- Global demand shifts impacting export opportunities.
