From 2013 to 2023, Nigeria's fisheries production volume experienced fluctuations, settling at 1.1165 million metric tons in 2023. A notable increase occurred between 2013 and 2017, highlighting a 16.42% spike in 2017. However, subsequent years saw variations, with occasional declines and moderate increases. For instance, 2020 and 2021 saw decreases of -6.26% and -1.96% respectively, reflecting external pressures. The Compound Annual Growth Rate (CAGR) over the last five years has been -0.92%, indicating an overall downward trend recently.
Looking forward, the forecast from 2024 suggests a steady growth with a projected 5-year CAGR of 1.2%, leading to an estimated volume of 1.2044 million metric tons by 2028. This trajectory shows a cautious optimism with a 6.17% total growth being geared towards a gradual yet positive outlook.
Future trends to watch for include advancements in sustainable fishing practices, economic policies affecting the fisheries sector, and the impact of climate change on marine ecosystems. These elements will be pivotal in shaping Nigeria's fisheries production trajectory.
