Dangote raises alarm as Nigeria loses $1bn annually to fish imports
By Aboki Forex —
Nigeria spends about $1 billion every year importing fish, even though the country has a long coastline, inland waterways and good conditions for fish farming. Aliko Dangote, President of the Dangote Group, said this heavy import bill shows the huge but underused potential of Nigeria's blue economy.
Dangote spoke in a keynote address delivered on his behalf by the Managing Director of Dangote Ports Operations, Akin Omole, during the Federal Ministry of Marine and Blue Economy's Second Quarter 2026 Citizens and Stakeholders' Engagement held in Lagos. Daily Trust reported the event.
Why fish imports hurt the naira and food security
Dangote said greater investment in fisheries and aquaculture would strengthen local production, improve food security, create jobs and reduce pressure on Nigeria's foreign exchange reserves. He stressed that government resources alone are not enough to unlock the full economic value of the marine and blue economy.
The business leader noted that poor infrastructure, limited access to affordable long-term financing, and inconsistent government policies have continued to slow the growth of Nigeria's marine economy. He called for stronger collaboration between the public and private sectors to address these challenges.
A separate report from WorldFish, whose country Representative Dr Sunil Siriwardena spoke earlier, showed that 45% of Nigeria's fish supply comes from imports, costing the government around $1.2 billion annually.
Investment opportunities in the blue economy
Dangote identified several areas with strong investment potential. These include fisheries and aquaculture, port infrastructure and logistics, maritime manufacturing, shipbuilding, marine technology, renewable energy and coastal tourism.
He urged investors to take advantage of the opportunities in the sector. He said developing globally competitive maritime industries would reduce Nigeria's dependence on imports, generate employment, stimulate industrial growth and support the country's broader economic diversification agenda.
Dangote added that a stable policy environment and sustained investment would encourage businesses to expand across the maritime sector, improve productivity and increase the country's capacity to meet domestic fish demand through local production.
What this means for Nigeria
Dangote said: 'The true measure of success will not be the policies we formulate, but the industries we build; not the strategies we publish, but the jobs we create; not the investments we announce, but the prosperity we deliver to millions of Nigerians.' He said the ultimate goal should be to translate government policies into tangible economic outcomes that improve the lives of Nigerians.
For consumers and businesses, reducing fish imports would ease demand on the naira and lower the country's food import bill. With 45% of fish supply currently imported, local production could cut costs and create thousands of jobs in fishing, processing and logistics.