Value of fish oil imports in Nigeria 2022, by country of origin

As of 2022, Nigeria mainly imported fish oil from Latvia and Germany. Imports from the two European countries amounted to over 1.2 million U.S. dollars and 1.1 million U.S. dollars, respectively. Altogether, it represented around 45 percent of the total fish oil imports into Nigeria. The United States, Chile, and India were other main trade partners that year. Overall, Nigeria’s total fish oil imports amounted to about 5.2 million U.S. dollars in the same year. 

Fish is relatively costly

On average, fish, whether fresh, frozen, dried, or smoked, has higher prices than other food items on the Nigerian market. A kilogram of fresh catfish, for instance, cost more than 3,140 Nigerian naira as of April 2024, equivalent to a little over two U.S. dollars. This is rather expensive, considering that nearly 92 million of the country’s population is estimated to live on 1.9.0 U.S. dollars a day. Nonetheless, the fresh fish market generates revenue for traders in Nigeria.

What is the situation of aquaculture in Nigeria?

Nigeria is one of the key countries in Africa for aquaculture production, ranking second on the continent after Egypt. Additionally, it is among the leading countries in aquatic animal production globally. In 2022, its output in aquaculture exceeded 259,000 metric tons, although this was a decrease from other years before. Usually, the South-South and North-West zones practice fish farming the most.