business

TADAN: $1 Billion Investment Could Cut Nigeria’s Fish Imports by 50% in Four Years

Published

2 months ago

July 10, 2025

$1 Billion Low-Interest Investment Could Halve Nigeria’s Fish Imports in Four Years — TADAN

The Tilapia Aquaculture Developers Association of Nigeria (TADAN) has stated that a strategic investment of $1 billion at a concessional interest rate of 0–2% could reduce Nigeria’s annual fish imports by 50% within four years.

Speaking at a media briefing in Lagos, the association’s National Vice President described Nigeria’s fish import bill—estimated at over N1.8 trillion annually—as unsustainable. He emphasized that Nigeria’s marine wealth is vastly underutilized, with over 1.2 million metric tons of frozen fish imported yearly, valued at more than $1.2 billion.

“With a properly structured $1 billion investment, we could significantly reduce imports, create jobs, conserve foreign exchange, and unlock our aquaculture potential,” he said.

Despite the recent creation of the Ministry of Marine and Blue Economy, TADAN noted that the fishing and aquaculture sectors have seen little meaningful progress. The association criticized the lack of targeted engagement and the minimal representation of aquaculture in national development planning.

TADAN also raised concerns about mismanagement in donor-funded initiatives. It blamed falsified impact reports and the lack of post-project evaluations for Nigeria’s inability to access current global development grants. Many past interventions, they noted, have failed due to poor implementation.

The association highlighted seaweed farming as a missed opportunity. Despite Nigeria’s favorable environment, the country has yet to tap into this global industry, currently valued at $20 billion and projected to hit $32 billion by 2032. Development grants for the sector, it said, often end up with academics or consultants with no tangible results.

While commending Lagos State’s APPEALS project, backed by the World Bank, for its success, TADAN noted that its scale is insufficient to impact Nigeria’s broader aquaculture ecosystem.

On exports, the association said local fish varieties like tilapia and catfish remain uncompetitive internationally due to high production costs exceeding $1 per kilogram. Only high-value products like shrimp offer real export potential.

TADAN also cited the high yields from government bonds (18–20%) as a disincentive for investors to consider aquaculture, which is often perceived as high-risk due to inflation and infrastructure deficits.

For new entrants, TADAN recommended focusing on support services—such as logistics, marketing, and distribution—rather than jumping into capital-heavy fish farming.

“Begin where you can build trust and market traction. Partner with farmers and reduce exposure while delivering value,” the vice president advised.

In closing, TADAN urged the Nigerian government and development partners to treat aquaculture as a critical pillar of the blue economy. Strategic investment in the sector, the association said, could enhance food security, reduce import dependence, create jobs, and build a resilient local industry.

business

Discover Life-Changing Digital Products You Can Buy Today on Selar

Published

2 weeks ago

September 1, 2025

globa_admin

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business

We are Hiring: Social Media Growth Ambassadors (2 Positions)

Published

4 weeks ago

August 18, 2025

globa_admin

Remote | Part-Time or Flexible Hours

Are you active on social media and passionate about business, jobs, and opportunities?
Do you know how to attract attention, spark engagement, and drive traffic online?
Then this opportunity is for you!

Role Overview:

We are looking for 2 dynamic individuals to serve as Social Media Growth Ambassadors for GlobabizEmpire.com — a trusted online platform for global jobs, business insights, and income opportunities.

Key Responsibilities:

Promote GlobabizEmpire.com consistently on Facebook, Instagram, WhatsApp, TikTok, or X
Share daily job updates, business news, and smart money tips from the website
Drive website traffic using content, trends, reels, and referral links
Respond to DMs/comments and convert viewers into website visitors
Provide weekly reports on reach, impressions, and traffic performance

What You’ll Need:

A strong presence on social media (min. 2,500 followers on at least one platform)
Great communication skills and social media creativity
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Passion for helping people grow their careers or income

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Monthly stipend + performance-based bonus
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Free digital training + content materials
Certificate of Digital Advocacy (upon successful campaign)

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Send us a message with:

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Screenshot of your past engaging post (if available)

Email: [email protected]
WhatsApp: +234 8153507382
Deadline: August 22, 2025

business

NEXIM Bank and SMEDAN Partner to Strengthen SME Export Capacity Nationwide

Published

2 months ago

July 25, 2025

globa_admin

NEXIM Bank and SMEDAN Sign Landmark MoU to Boost SME Export Growth in Nigeria

In a bold move to strengthen Nigeria’s small business ecosystem, the Nigerian Export-Import Bank (NEXIM) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a groundbreaking Memorandum of Understanding (MoU) aimed at accelerating the growth and global competitiveness of Small and Medium Enterprises (SMEs) across the country.

A Strategic Partnership for Economic Transformation

This MoU formalizes a strategic alliance between NEXIM and SMEDAN, focusing on:

Export financing and access to global markets
Tailored financial products for SMEs
Capacity-building and training programs
Promotion of Made-in-Nigeria products internationally

The collaboration is expected to streamline trade facilitation and offer Nigerian SMEs the tools and support needed to thrive in international value chains.

Empowering SMEs for Global Competitiveness

Speaking at the signing ceremony, Abba Bello, Managing Director/CEO of NEXIM Bank, emphasized the significance of this partnership in preparing Nigerian SMEs to compete globally, particularly under the African Continental Free Trade Agreement (AfCFTA).

“This collaboration with SMEDAN is a critical step in our mission to empower Nigerian SMEs. By combining our financial instruments with SMEDAN’s development expertise, we are creating a robust support framework that enables small businesses to scale and succeed in export markets,” Bello said.

Removing Barriers and Unlocking Opportunities

On his part, Charles Odii, Director-General of SMEDAN, noted that the agreement will help eliminate major hurdles that have long hindered SMEs from tapping into international markets.

“Our goal is to ensure Nigerian SMEs have not just the skills but also the financial backing to grow. This MoU with NEXIM Bank paves the way for real participation in global trade,” Odii remarked.

He also outlined key focus areas of the collaboration:

Providing export-oriented financing solutions
Offering expert training and advisory services
Simplifying export processes for MSMEs

🇳🇬 Aligning with Nigeria’s Economic Diversification Agenda

This partnership supports the federal government’s broader vision of economic diversification and inclusive growth, particularly through public-private partnerships that empower micro, small, and medium-sized enterprises (MSMEs).

About the Agencies

NEXIM Bank, established under Act 38 of 1991, is Nigeria’s official Export Credit Agency, providing financing, risk management, and advisory services to support the development of non-oil exports.

SMEDAN, created by the SMIDA Act of 2003, is the federal government’s leading institution tasked with fostering the growth, sustainability, and global competitiveness of MSMEs across Nigeria.