Feasibility Report On The Export Of Raw Crayfish From Nigeria

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, also called crawfish or crawdad, any of numerous crustaceans (order Decapoda, phylum Arthropoda) constituting the families Astacidae (Northern Hemisphere), Parastacidae, and Austroastracidae (Southern Hemisphere). They are closely related to the lobster.

Crayfish is used as seasoning in Nigerian cooking. Crayfish adds a very traditional flavour to whatever it is used to cook that is why you will mostly find it in Nigerian Soups for Fufu meals, Concoction Rice and many more.

It is estimated that about twelve thousand (12,000) tons of crayfish is produced annually in Nigeria.

The seasoning market is considered to be recession proof market as consumers prefer in house prepared food during unstable economic condition.

Seasoning is an integral part of cuisine as it accountable to add aroma and taste to the food. Owing to globalization coupled with growing influence of western countries, the seasoning market has grown significantly.

The seasoning market is growing tremendously due to the rising number of consumers considering seasoning to augment their meals with better tastes. Another reason for the expansion of seasoning market is the more preference of consumers for homemade seasonings due to the remedial nature associated with it.

Traditionally, seasonings have been created and consumed very widely in the Asian countries, such as India.

Foraminifera Market Research seeks to expose the investment opportunity in the packaging and export of crayfish in Nigeria through feasibility report.

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 trading of raw crayfish is estimated between ten to fifteen percent (10%- 15%) per transaction.

Table of Contents

Table of Contents 1. Introduction 1.1 Executive Summary 1.2 Business Opportunity 1.3 Country Background 2. Technical Analysis 2.1 The Project 2.2 Product Description 2.3 Product Location and Distribution 2.4 Legal Considerations 2.4.1 Pre-Export Documentations in Nigeria 2.4.2 Post-Export Documentations (Exchange Control Documents) 3. Opportunity 3.1 Market Overview 3.2 Demand and Supply 3.3 Customer Profile 3.4 Primary Competition 3.5 Competitive Advantage 4. Managing Contract Negotiations and Export Operations 5. Socio- Economic and SWOT Analysis of the Project 5.1.1 Generation of Employment 5.1.2 Source of Government Revenue 5.1.3 Foreign Exchange Generation 5.1.4 Technological Transfer 5.1.5 Increase in Gross Domestic Product (GDP) 5.2 SWOT Analysis 6. Risk Identification and Mitigation Strategy 6.2 Critical Success Factor 7. Financial Analysis

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