Sierra Leone
Sector
Aquaculture & Mariculture
Raymond Kai-Gbekie
investmentpromotion@sliepa.org, rkgbekie@sliepa.org
Tel
+232 22 220788
Sierra Leone’s fisheries sector remains one of the biggest sources of untapped opportunity. Feasibility studies carried out by the European Commission (EC) and the UK Department for International Development (DFID) show the country’s coast is well stocked with fish and seafood, but is grossly under-exploited.
Investment opportunities
Industrial fishing: EC and DFID’s data indicates the fisheries are well stocked with export quality species that have the potential to fetch high value in international markets. The country’s 402kms of coastline and a continental shelf of 25 600 square kilometres contain viable stocks of pelagic fish (tuna, barracuda, cuttlefish and octopus), demersal fish (snapper,
catfish and grouper), shrimp, squid, lobster and crab.
Developing fish nurseries: The rivers, estuaries and tributaries have extensive mangrove vegetation, which provides favourable conditions for sheltering and nursing penaeid shrimp and fish such as bonga, croakers and oysters. The government estimates that the shrimp catch could reach 200 000 metric tons a year.
Processing fresh water fish: Sixteen families of freshwater fish have been identified, comprising an estimated 100 species - suggesting that investment in inland fishing may have an annual sustainable yield of 44 metric tons. Sierra Leone also supports an unknown quantity of oysters that would offer export potential when investments in cold storage facilities and supply chain services are made.
Market size and access
The
country’s population of an estimated 6 million is increasingly demanding processed foods and other products. High potential to supply regional and domestic demand. The DFID estimates that the small-scale and commercial catch is about half its annual potential of 16 000-40 000 metric tons of freshwater fish, 55 000 metric tons of pelagic fish, and 85 000-100 000 metric tons of demersal fish. Companies based in Sierra Leone also have easy access to nearly 215 million regional consumers in countries such as Côte d’Ivoire (18.2 million), Guinea (9.4 million), and Liberia (3 million) either by sea or land transportation. Sierra Leone provides duty-free access to large markets that include local, regional and EU and US.
Sector
Fishing in Sierra Leone is split into two markets - industrial fishing in the Economic Exclusive Zone and small-scale fishing. Both markets provide opportunities for investment.
Previously, industrial fishing was limited and this enabled local fish populations to recover in large numbers. A ban on fish imports – due to uncontrolled illicit fishing – has also reduced industrial fishing. The government is keen to develop and also streamline the sector to end illegal fishing, which is costing the economy an estimated $30-million a year.
For further information on investing in Sierra Leone contact the Sierra Leone Investment and Export Promotion Agency (SLIEPA).
Raymond Kai-Gbekie
Director, Investment Promotion
investmentpromotion@sliepa.org or rkgbekie@sliepa.org
Tel: +232 22 220788
