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Nairaland Forum / Nairaland / General / Business / Nigeria's Annual Fish Import Bill Stands At $800m (6749 Views)
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Nigeria's Annual Fish Import Bill Stands At $800m by dipoolowoo: 1:03pm On Oct 04, 2018 |
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/ 1 Like |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by ProSapien: 1:19pm On Oct 04, 2018 |
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 1 Like 1 Share |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by techstack: 1:26pm On Oct 04, 2018 |
Fish is better than red meat 6 Likes 1 Share |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by Stallion93(m): 1:26pm On Oct 04, 2018 |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by pweshdodo(m): 1:26pm On Oct 04, 2018 |
So we still import fish What happened to those fish in dem flat heads river? It seems they are selfish Flat head monga 1 Like |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by Odmic2839(m): 1:27pm On Oct 04, 2018 |
ProSapien:chai we dey chop fish WELLA ooooo. |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by mainkendo: 1:27pm On Oct 04, 2018 |
Ht |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by Olujoe1(m): 1:27pm On Oct 04, 2018 |
. |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by Nobody: 1:27pm On Oct 04, 2018 |
Selling fast at 30k . Giveaway price. Just come and carry it
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Re: Nigeria's Annual Fish Import Bill Stands At $800m by vastolord4(m): 1:29pm On Oct 04, 2018 |
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 2 Likes |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by Opinionated: 1:29pm On Oct 04, 2018 |
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Re: Nigeria's Annual Fish Import Bill Stands At $800m by RurouniKenshin: 1:30pm On Oct 04, 2018 |
This is madness. 1 Like |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by Nobody: 1:30pm On Oct 04, 2018 |
Really... Ehe, If u want to make more money online click on that link below |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by Nobody: 1:33pm On Oct 04, 2018 |
techstack:in this economy, your red meat will turn blue |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by Nobody: 1:33pm On Oct 04, 2018 |
techstack:in this economy, your red meat will turn blue... |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by onyeogalu1(m): 1:34pm On Oct 04, 2018 |
Ok |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by onyeogalu1(m): 1:35pm On Oct 04, 2018 |
Ok[color=#006600][/color] |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by HouseOfWine: 1:35pm On Oct 04, 2018 |
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. 3 Likes 1 Share |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by Nobody: 1:36pm On Oct 04, 2018 |
Whether we like it or not we will continue to import fish. We don't have upwelling of 'choice' fishes in our territorial waters. 3 Likes |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by 1899Milan: 1:37pm On Oct 04, 2018 |
Of all things. . . |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by Nobody: 1:37pm On Oct 04, 2018 |
I probably have contributed to this in some way. I no longer eat beef. Just fish and then birds (chicken, turkey, duck...). |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by CodeTemplar: 1:39pm On Oct 04, 2018 |
Woah that's large. |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by Xisnin(m): 1:39pm On Oct 04, 2018 |
boostdom:Those are far better for your health than beef. 1 Like |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by Nobody: 1:41pm On Oct 04, 2018 |
7 Likes
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Re: Nigeria's Annual Fish Import Bill Stands At $800m by legibow: 1:41pm On Oct 04, 2018 |
Even fish too is been imported, na WA.. What is the essence of the river on the third midland bridge... Somebody fill it up 1 Like |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by Blue3k(m): 1:42pm On Oct 04, 2018 |
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. 3 Likes |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by slivertongue: 1:47pm On Oct 04, 2018 |
Consumerism is d bane of our economic growth... 1 Like |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by Nobody: 1:54pm On Oct 04, 2018 |
Xisnin: Yes, they are healthier. The herdsmen crisis in the middle belt made the choice easier. 2 Likes |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by Felixv: 2:00pm On Oct 04, 2018 |
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. 4 Likes |
Re: Nigeria's Annual Fish Import Bill Stands At $800m by ashjay001(m): 2:11pm On Oct 04, 2018 |
Home grown stock fish, is d answer 2 Likes |
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