Nigeria"s fishery market is an essential pillar of both local food security and international trade. As of 2023, Nigeria continues to navigate the complexities of balancing domestic demand with export opportunities. Recent data reveals significant shifts in both trade volumes and price trends, reflecting broader economic dynamics and market forces. In the first quarter of 2023, Nigeria exported approximately 450,000 metric tons of fishery products. This represents a 6% increase compared to the same period in 2022. The rise is attributed to improved fish farming techniques and increased investment in aquaculture, making Nigeria a more competitive player in the global market. Consequently, the average export price of fishery products has also risen by 4%, reaching $2. 10 per kilogram.

This price increase is driven by heightened international demand and the depreciation of the Naira, making Nigerian exports more attractive to foreign buyers. On the import side, Nigeria imported around 300,000 metric tons of fishery products in early 2023, marking a 3% decrease from the previous year. This decline is partially due to increased self-sufficiency within the local market and a strategic shift towards supporting domestic producers. The average import price settled at $1. 90 per kilogram, slightly higher than the previous year, indicating global inflationary pressures impacting import costs. These trends underscore the dynamic nature of Nigeria"s fishery market, where local innovation and global economic factors interplay. For businesses looking to enter or expand in the Nigerian market, understanding these trade volumes and price trends is crucial. Aritral, an AI-driven B2B platform, offers invaluable resources such as Product Listing, Direct Communication with suppliers, and Global Sales Assistance. With AI-Powered Marketing and Profile Management, Aritral provides a comprehensive approach to navigating international trade in commodities like fishery products, enhancing your competitive edge in the global market landscape.