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Feasibility Report On The Export Of Raw Crayfish In Nigeria

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Feasibility Report On The Export Of Raw Crayfish In Nigeria

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The demand for African foodstuffs in Europe and America is rising due to increasing number of Africans, particularly Nigerians who sojourn to these countries for the proverbial greener pastures.

There are many small foodstuffs exporters in the West African sub region who depend on middlemen to export their produce in small quantities and sell to consumers or retailers running ethnic shops in the US and Europe.

The volume of Nigerian export of foodstuffs to these countries is still on a very small scale considering the estimation of well over 20 million Nigerians who reside outside the country, with the majority, living in the UK and the US. This is a great opportunity to sell to this category of people. The few exporters of African foodstuffs cannot meet with the demand of Nigerians whose population is increasing everyday abroad.

As one of the major food condiment in Nigeria, a large market exists for the export of raw crayfish abroad.

The return on investment on the export of raw crayfish is estimated between 10%- 15% per transaction.

Product Description

In the 1960s, the agricultural sector was the most important in terms of contributions to domestic production, employment and foreign exchange earnings. The situation remained almost the same three decades later with the exception that it is no longer the principal foreign exchange earner, a role now being played by oil.

The sector remained stagnant during the oil boom decade of the 1970s, and this accounted largely for the declining share of its contributions. The trend in the share of agriculture in the GDP shows a substantial variation and long-term decline from 60% in the early 1960s through 48.8% in the 1970s and 22.2% in the 1980s. Unstable and often inappropriate economic policies (of pricing, trade and exchange rate), the relative neglect of the sector and the negative impact of oil boom were also important factors responsible for the decline in its contributions.

On its diversity, Nigerian agriculture features tree and food crops, forestry, livestock and fisheries. In 1993 at 1984 constant factor cost, crops (the major source of food) accounted for about 30% of the Gross Domestic Products (GDP), livestock about 5%, forestry and wildlife about 1.3% and fisheries accounted 1.2%.

Any nation that requires economic development must look inwards to identify areas where it has comparative advantage over other nations and seek to develop the identified areas.

With a lot of fresh water bodies spread across Nigeria, the nation surely have comparative advantage in the production of crayfish. Crayfish, a crustacean of higher order found in fresh water is a very popular spice in the tropics where they are used in the preparation of food. It is estimated that about 12,000 MT of crayfish is produced annually in Nigeria and Foraminifera Market Research seeks to expose the investment opportunity in the packaging and export of crayfish in Nigeria through feasibility report.

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