By Dipo Olowookere

One of the major factors working against the growth of the fisheries segment of the economy in Nigeria has been identified by analysts at FBNQuest Capital.

Despite the abundance of water in Nigeria, not much is earned from the aquatic sector of the nation’s economy.

Aquaculture has remained an integral part of Nigeria’s agriculture sector, with annual fish demand estimated at 3.3 million metric tons (mmt).

According to FBNQuest Capital, over the past three years, domestic fish supply has risen to 1.2mmt, which is attributed to increased government intervention.

Quoting industry sources in its daily Good Morning Nigeria report, the firm said Nigeria’s annual fish import bill is estimated to be around $800 million.

It said however, the fisheries segment continues to suffer from poor access to credit and based on the credit extension data for Q2 2018 released by the National Bureau of Statistics (NBS), agriculture received just 3.5 percent of total credit allocation.

The report noted that based on the national accounts for Q2 2018, fisheries contracted by -1.3 percent y/y, compared with a growth of 4.2 percent recorded in the previous quarter, accounting for 2.1 percent of total agricultural GDP in Q2.

“We note that Nigeria’s per capita fish consumption is 13kg, significantly lower than the global average of 21kg.

“Data from the CBN show that artisanal production accounted for around 76.7 percent of the 1.06 million tonnes of fish produced in 2017,” the report stated.

In addition, it said industrial (trawling) fish farming accounted for only 7 percent of the total, indicating that commercial fisheries segment is still largely untapped.

“The harsh business environment has slowed fishing activity; the cost of trawling has more than doubled over the past few years due to high operational costs,” it said.

FBNQuest Capital stressed that fisheries would benefit from increased financial intervention schemes if given attention by government.

The CBN has set up a few of these to support the sector and compensate for the poor supply from the banks but these have had modest impact on the segment.

https://www.businesspost.ng/2018/10/04/nigerias-annual-fish-import-bill-hits-800m/

Unfortunately the FG only gives little effort to building local capacity in agriculture. Thousands of women and unemployed graduates trained under the FADAMA GUYS
programme have been abandoned since last year.


cc: Lalasticlala, Mynd44

Fish is better than red meat

ProSapien:
Unfortunately the FG only gives little effort to building local capacity in agriculture. Thousands of women and unemployed graduates trained under the FADAMA GUYS
programme have been abandoned since last year.


cc: Lalasticlala, Mynd44

chai we dey chop fish WELLA ooooo.

Ht

.

Selling fast at 30k . Giveaway price. Just come and carry it

Have some friends that struggled to get that farming loan from the fg.. even to apply for the farming loan of 300k u need a godfather.. naija na we own

I no dey use small small fish play o

A Tale of 2 Foodsellers and their Attitudes in Yaba

This is madness.

Really... Ehe,
If u want to make more money online click on that link below

techstack:
Fish is better than red meat

in this economy, your red meat will turn blue

techstack:
Fish is better than red meat

in this economy, your red meat will turn blue...

Ok

Ok[color=#006600][/color]

Like the FG gives a f!ck, the most paramount thing to Nigeria Gorv both past and present is poverty increment, making politicians millionaires, making election season a lucrative business, ignoring State and FG roads, corruption, promoting religion and ethnic discrimination, enhancing social ammenities degradation, crude oil... The list goes on and on, Godforbid my children will grow up in this sheethole.

Whether we like it or not we will continue to import fish. We don't have upwelling of 'choice' fishes in our territorial waters.

Of all things. . .

I probably have contributed to this in some way. I no longer eat beef. Just fish and then birds (chicken, turkey, duck...).

Woah that's large.

boostdom:
I probably have contributed to this in some way. I no longer eat beef. Just fish and then birds (chicken, Turkey, duck...).

Those are far better for your health than beef.

Even fish too is been imported, na WA.. What is the essence of the river on the third midland bridge... Somebody fill it up

This shouldnt be surprising to anyone. The FG can solve this by concessioning fishing terminals, going after illegal fishers and encouraging commercial fishing industry.

Fish farming is one most important factors in my opinion. There's plenty of room for growth.

Consumerism is d bane of our economic growth...

Xisnin:

Those are far better for your health than beef.

Yes, they are healthier. The herdsmen crisis in the middle belt made the choice easier.

many guys started fish farming and ended up bankrupt --the ports are wide open for those who want to import substandard fish from asia and the rest of the world..

ban the importation then the local industry will grow.

Home grown stock fish, is d answer