Marine fisheries
Fish provides most of the animal protein Sierra Leoneans eat and a large part of the national income. Investors can add value at every step, from catching to processing to cold storage.
The sector
Demand
The global seafood market was estimated at $113.2 billion in 2020 and is expected to reach $138.7 billion by 2027, growing about 2.9% a year. Locally, fisheries support coastal livelihoods and food security. By supplying the region as a whole, investors can serve over 40 million consumers and reach scale.
Where to invest
Fisheries
More than 200 species have been identified, in four groups: pelagic fish, demersal fish, crustaceans and cephalopods. Tuna catches in the exclusive economic zone are under-used.
Aquaculture
Over 690,000 hectares of inland valley swamps, lakes, reservoirs and floodplains. Shrimp and oyster farming and inland fish farming are especially promising.
Fish processing
The Government encourages processing plants for both export and local markets.
Fishery infrastructure
A fishing harbour complex is planned through a public-private partnership. Other opportunities include transhipment terminals, dry-docking, bunkering and processing near landing sites.
Traceability technology
Radio tags, labels and blockchain-based tracking let exporters show where fish came from and prove compliance with export market rules.
How fishing is done today
Artisanal
Canoes using nets and hooks, working estuaries and coastal waters out to 15 to 45 metres of depth. It produces up to 80% of the national catch.
Industrial
Trawlers, shrimpers and long-liners, working deeper water outside the Inshore Exclusive Zone. The catch is mostly exported.
Inland and aquaculture
Rivers, lakes, floodplains and swamps. Aquaculture is practised mainly in inland valley swamps and has great room to grow.
Investment opportunities in the sector
- Fish processing and value addition
- A fishing harbour and landing sites
- A fish harbour complex
- Shrimp fishing and aquaculture
- Industrial fishing
- Freshwater and semi-industrial fishing
- Water transportation
Regulation
- No vessel may fish within 12 nautical miles of the Inshore Exclusion Zone.
- Heavy fines and administrative sanctions apply to breaches of the Fisheries Act and its regulations.
- Every licensed fishing vessel has a vessel monitoring system, giving full observer coverage at sea.
- A closed season for industrial vessels allows stocks to recover.
Figures are taken from NIB's sector report and its sources, which date mostly from 2019 to 2021. The full report gives each source and year.
Fisheries investors can claim the energy and fisheries incentives described with the others.Investor incentives