Trend in aquaculture production: The role of Nigeria's crude oil regimes

This study assessed aquaculture production trends in Nigeria, from 1960 to 2015. Secondary data on oil price per barrel and aquaculture were obtained from publications of the Food and Aquaculture Organization Statistics (FAOSTAT), Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS), the Federal Department of Fisheries (FDF), and the Nigerian Meteorological Agency (NMA). Trend analysis and exponential growth rate model were used to estimate aquaculture production and growth rate trends. The study shows a high coefficient of variation for loan and fish farmers, implying a high level of instability in these variables. Furthermore, the annual growth rates in Nigeria’s aquaculture production were 6.10%, 4.70%, 4.28%, 9.17%, 28.07%, 15.47% and 0.33% for the oil boom (1960-1973), oil glut (1974-1978), major glut 1979-198l), oil wave (1986-2000), windfall (2001-2008), moderate increase (2009-2015), and the entire period (1960 – 2015) under study respectively. The study therefore recommends that efforts should be strategized and intensified to improve the opportunities provided by subsequent oil price increases.