Home Business Lagos State seeks to increase shrimp, prawn export

Lagos State seeks to increase shrimp, prawn export

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The Lagos State government has said it is seeking an increase in the nation’s revenue from non-oil exports, estimated at $2.5 billion between January and June, this year.

The Commissioner for Agriculture, Ms Abisola Olusanya, stressed the need to broaden the capacity of the local industry to increase the productivity, quality, profitability, and environmental sustainability of shrimp farming by smallholders.

According to the National Bureau of Statistics (NBS), Nigeria exported frozen shrimps and prawns worth N5.13 billion during the first quarter of this year.

Nigeria’s shrimp and prawn export revenue is still about N50 billion while the global Shrimp Market is expected to be $69.35 billion by 2028, according to Research and Markets, a leading business intelligence company.

The report also stated that the demand for shrimp is increasing not only in the food industry but also in other sectors such as pharmaceuticals, healthcare, and cosmetics, mainly because of its beneficial properties such as antioxidant and anti-ageing effects.

Olusanya stated that the state government wants to work with operators to implement various measures to support trawl fisheries to be involved in harvesting shrimp in the deep waters.

She said support would be given to investors to increase the number of trawlers working around Lagos coastal waters, which she said would have a major impact on growing industrial shrimp trawling.

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