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Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele - Business (3) - Nairaland

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Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by RexTramadol1: 12:52pm On Sep 20, 2019
anonymuz:
na panla sure pass for this Buhari season 2



lol panla gbigbe abi tutu?
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by lomprico(m): 12:55pm On Sep 20, 2019
is it govt money they are using to import it?
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by lomprico(m): 12:56pm On Sep 20, 2019
COZA:
fish farming seems a lucrative business.. bulk of the next money should go into fishery

it's not all fish species u can breed.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Rubicon67(m): 12:56pm On Sep 20, 2019
Otuegbe:
every country in the world imports. I don't know why this guys think our problem is only importation .

I think we should produce what we can produce for local consumption and import what we can't. This will stimulate the economy, encourage investments and create lots of jobs.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by ikorodureporta: 1:11pm On Sep 20, 2019
Neddstark:
Niger Delta people, una no sabi fish? See another area una for dey contribute to the economy.

oil spillage don scatter all their fish

2 Likes

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by OlujobaSamuel: 1:19pm On Sep 20, 2019
Angelfrost:


Thank you sir. Then, the onus is on the same bank to take measures to cut the deficit... Isn't that what banks are supposed to do??! grin

...I still find this figure by the CBN head quite preposterous.
Cutting the deficit includes the stopping of the subsidy given to such commodity.
On the issue of the cost, the cost isn't upto that in my view, but as with every other subsidized item in Nigeria, there's bound to be diversion, you as a business man collects $10000 from CBN to import fish, you import $2000 worth of fish and use the 8k balance to import car since you know you can't get fund for the car directly.
The record with the CBN will reflect the $10k, so I guess that was what resulted to such high figure,
Also, the CBN is trying to get a favourable public reaction, that's why they would rather tell you the actual amount release than the amount used for the fish importation itself. The fish importation might not be more than $300m to 500, while diversion constitute the bulk

2 Likes

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by olarent: 1:36pm On Sep 20, 2019
Yes.but a country like Nigeria where her importation is far far greater than exportation is a big problem which we lead to what we are facing currently. Importation disadvantage is much more than its advantage. Beside you should import what you can not produced locally.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by olarent: 1:36pm On Sep 20, 2019
olarent:
Yes.but a country like Nigeria where her importation is far far greater than exportation is a big problem which we lead to what we are facing currently. Importation disadvantage is much more than its advantage. Beside you should import what you can not produced locally.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by pat077: 1:54pm On Sep 20, 2019
Neddstark:
Niger Delta people, una no sabi fish? See another area una for dey contribute to the economy.
where they wan see fish when the rivers have been polluted with oil spillage

1 Like

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Fhemmmy: 1:55pm On Sep 20, 2019
Even the fish farmers that will like to do more, can;t because of poor electricity and lack of funds
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Cousin9999: 2:13pm On Sep 20, 2019
853 km of coastline and Nigeria spends 1.2b to import fish?

That's like Egypt importing sand.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Blue3k(m): 2:19pm On Sep 20, 2019
He said the apex bank’s current initiative was to engage the coastal state governors to develop the blue economy to address the deficit of 1.9metric tons as well as eradicate the huge import bill for fish.

You guys can literally cut the inport bill in half if you eliminate illegal fishing. If Nigerian bring the fish everyone wins. The next step is to figure out while fish farmers arent productive. I read its the feed quality among other things.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by googi: 2:24pm On Sep 20, 2019
The reasoning here is why Nigeria will remain poor and hardly live up to even half it's potential.

Despite some sound advice given here, people still think imports are still their foundamenental right.

Some people catch fish off your shore and offshore with impunity. Froze them, canned them and sell them back to you for $1.2 Billion.

Na when we go catch sense?

Gone are the days Nigerians would never eat fish, especially those living on coastal area, unless the fish are caught alive.

Who remember Ibru Oku Eko?

1 Like

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Neddstark: 2:29pm On Sep 20, 2019
ikorodureporta:


oil spillage don scatter all their fish

Oga, make them carry boat, go ocean. Get better fish joor. The whale and dolphin, wey them dey massacre, no be from ocean. Can't the government or some people there invest in ocean fishing and make millions from it to impact lives there. Imagine building a fishing village in towns near the oceans. Thats another mega-industry of its own

1 Like

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Debaiz: 2:52pm On Sep 20, 2019
Angelfrost:
When you say Nigeria Imports, is the importation done by federal government using taxpayers' money, with no return or the importation is done by business men who recoup their cost from profit made when sold??!...

I understand the economy of this nation is in tatters, but churning out or tossing bloated figures to confuse the lay man is very unbecoming for learned elders in power... I humbly stand to be corrected tho. I am no economist, just applying common street sense here.


Those who import, they sell in nigeria and collect Naira. Is it naira that they take to where they import from? No.

What currency do they use? $$

Where do they get the dollars $$ from? From the FG through the CBN.

Why from the FG through the CBN? Cos it’s only FG that do business that earn that huge kind of dollar quantity. Not even all the banks in Nigeria combined makes the kind of dollars that the FG makes.

What of dangote, the richest black man? The maximum dollars Dangote can make in a year is not up to $5billion(not even likely) and dangote needs the dollars to also buy things to run his businesses. So he won’t sell it to someone who wants to use it to buy fish.


So basically FG is now saying they don’t want to sell the dollars to fish importers again when we have fishermen all over Niger delta. They want to use the dollars to do more important things like construct roads, railways, airports, buy ammunition’s to fight bokoharam.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Debaiz: 2:57pm On Sep 20, 2019
ikorodureporta:


oil spillage don scatter all their fish

Although they’re mostly responsible for the spillages with their bunkering and bombing of pipelines, The government is doing the clean up for them already.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by loswhite(m): 3:08pm On Sep 20, 2019
Can they tell us how much we use to import fuel?
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by King44(m): 4:24pm On Sep 20, 2019
ikorodureporta:


Source: https://www.vanguardngr.com/2019/09/nigeria-spends-1-2bn-to-import-fish-annually-emefiele/
we go soon begin import water, our ocean n see just day no real commercial fishing activities now tell me y China no go come our ocean catch fish with their fishing vessel then sell it back to us as I said e go reach one stage we go soon begin import pure water
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Elinosweet143(f): 4:33pm On Sep 20, 2019
Na style dem wan use ban fish oh, funny enough a lot of people want to venture into farming but times are hard, no start up capital, no means of getting money, now that their mind is moving to fish d next thing na to ban am and fish go begin cost like gold, they had better extend this their ban to medicals oh, am sure we have capable hands here in naija
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Damod88: 5:06pm On Sep 20, 2019
AZeD1:
Emefiele is beginning to sound like a dunce...
1) There are some fishes that are not found in Nigeria and the only way to get it is by importing (Stock fish used in Nigeria is found in a village in Norway)
2) Rather than focus on solving the problem the right way, Emefiele and Buhari are trying to "order" a solution.

If after buying something outside the country, paying for shipping and import duty I can still sell my product cheaper than my competitor who produces in Nigeria, then the problem is not my importation, it's the cost of doing business in Nigeria that is the problem and that's what should be tackled.

The best way to end importation is not by closing the borders, it's by making doing business in Nigeria easier and cheaper.























The problem is not the cost of doing business in Nigeria. The problem is we don't have the technical know-how to mass produce that could lower production cost. In addition to that we don't have knowledgeable entrepreneurs who are ready to invest in production in Nigeria.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by djon78(m): 5:53pm On Sep 20, 2019
Damod88:
























The problem is not the cost of doing business in Nigeria. The problem is we don't have the technical know-how to mass produce that could lower production cost. In addition to that we don't have knowledgeable entrepreneurs who are ready to invest in production in Nigeria.



You hit it spot on
There is a big knowledge problem in Nigeria s business place.
And people don't understand how scary a situation it is.
Another killer for Nigeria is there is so much focus on money instead of delivering quality goods and services.
Focus on money has truly damaged this Nation and if care is not taking, it will be irreparable damage.
Money is good
Its the end product of labour
But when you put money ahead of delivering quality work there lies the problem


So Nigeria is faced with knowledge problem in addition to focus on money as priority, then you create a terrible monster in the Nation. No direction, no values, its really terrible

Nigerians need to wake up especially the younger generation to do the right thing.
Go to developed and developing Nations and you will see the stark difference and the reason why they keep advancing non stop
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by anonymuz(m): 8:02pm On Sep 20, 2019
RexTramadol1:




lol panla gbigbe abi tutu?
gbigbe

1 Like

Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Cousin9999: 9:15pm On Sep 20, 2019
Neddstark:


Oga, make them carry boat, go ocean. Get better fish joor. The whale and dolphin, wey them dey massacre, no be from ocean. Can't the government or some people there invest in ocean fishing and make millions from it to impact lives there. Imagine building a fishing village in towns near the oceans. Thats another mega-industry of its own

YES!
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by AZeD1(m): 9:17pm On Sep 20, 2019
Damod88:


Then why are they not investing in education or whatever it is that is the problem?





















The problem is not the cost of doing business in Nigeria. The problem is we don't have the technical know-how to mass produce that could lower production cost. In addition to that we don't have knowledgeable entrepreneurs who are ready to invest in production in Nigeria.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by Cousin9999: 9:34pm On Sep 20, 2019
The real question is:

What is Nigeria's navy doing about Chinese illegal fishing and other crimes?

People call Somalians pirates because they have no navy and do whatever they can to protect their water, especially from Chinese pollution and overfishing.

Chinese are like rats and roaches. smh The idiots overpopulated their crappy land, refuse to fix their problems, and they just spread themselves everywhere.
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by tomdon(m): 2:25pm On Sep 21, 2019
seborrhic:
Has Dangote entered the fishing business too?
Expecting a ban on fish importation soon and an announcement that Dangote has acquired the biggest fishing industry or building the biggest fishing Mill in Nigeria.
That's how the CBN,the government of the day and Nigeria rolls these days.



What product did they recently ban importation of which Dangote is now producing?
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by tomdon(m): 3:27pm On Sep 21, 2019
AZeD1:
Emefiele is beginning to sound like a dunce...
1) There are some fishes that are not found in Nigeria and the only way to get it is by importing (Stock fish used in Nigeria is found in a village in Norway)
2) Rather than focus on solving the problem the right way, Emefiele and Buhari are trying to "order" a solution.

If after buying something outside the country, paying for shipping and import duty I can still sell my product cheaper than my competitor who produces in Nigeria, then the problem is not my importation, it's the cost of doing business in Nigeria that is the problem and that's what should be tackled.

The best way to end importation is not by closing the borders, it's by making doing business in Nigeria easier and cheaper.




One really wonders if these people are not supposed to be experts or even if they're not, can't they consult knowledgeable people before making far-reaching decisions for millions of Nigerians? It's really baffling, more so when the kNowledge here is common knowledge. I don't need to be an economist or have MBA to reckon with your second paragraph.
And in your first paragraph, point one is obvious but they're talking as if they're not in Nigeria let alone be at the helm of affairs over Nigerians
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by tomdon(m): 3:32pm On Sep 21, 2019
Sagay212:
We really need to learn to produce and consume what we produce. If we continue to import everything and these countries just decide to show us small pepper by refusing to sell to us, what would we do?
We should learn from this SA xenophobic incident.

We had nothing to use against them after them show us pepper. Imagine if we had better networks and better naija cable tv, shebi we for just ban them straight. But imagine the whole country depends on dstv. Shame


Producers need conducive environment and government support. If there's electricity 247, that will help but government still need to provide more than just enabling environment to producers

As for the Dstv issue, government is not ready to help. If government intervenes, those juicy programs that Dstv have exclusive and sole right to will be given to Nigerian TV companies and that will kill Dstv in Nigeria
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by anonymuz(m): 11:17pm On Sep 21, 2019
RexTramadol1:




lol panla gbigbe abi tutu?
gbigbe
Re: Nigeria Spends $1.2 Billion To Import Fish Annually - Emefiele by grandstar(m): 3:04am On Oct 03, 2019
AZeD1:
Emefiele is beginning to sound like a dunce...
1) There are some fishes that are not found in Nigeria and the only way to get it is by importing (Stock fish used in Nigeria is found in a village in Norway)
2) Rather than focus on solving the problem the right way, Emefiele and Buhari are trying to "order" a solution.

If after buying something outside the country, paying for shipping and import duty I can still sell my product cheaper than my competitor who produces in Nigeria, then the problem is not my importation, it's the cost of doing business in Nigeria that is the problem and that's what should be tackled.

The best way to end importation is not by closing the borders, it's by making doing business in Nigeria easier and cheaper.

thanks for this. You are making some fine points.

it may not only be the cost of doing business. You may also not have comparative advantage in the production of that product or products. It isn't a crime.

The Economist magazine said that Buhari treats,market forces as soldiers they can commandeer and direct. It is actually the complete opposite

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