Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - RSS Feed

Boosting fish production

Proshare

Wednesday, November 16, 2016 8:48 AM /FBNQuest Research

Today we turn our attention to Nigeria’s fish industry. Industry sources suggest that catfish accounts for about 80% of fish produced domestically.

Nigeria has over 200 different species of fishes which are untapped due to lack of modern aquaculture equipment, inadequate training of fish farmers and poor development of quality fish feeds.

According to the federal ministry of agriculture, US$700m is spent annually on fish importation due to the country’s annual fish supply shortage of an estimated 2 million metric tonnes (mmt).

On Monday, the latest inflation figures were released by the National Bureau of Statistics. The data showed food inflation accelerating to 17.1% y/y. Price increases in fish was a primary driver.

The lingering fx sourcing challenges continue to put a strain on this segment. We gather that a 15kg imported bag of catfish previously sold at N6,000 is now sold for N11,000 - an increase of 83%.

As for locally produced fish, feeds prices have surged by over 80%, forcing some fish farmers to abandon their farms.



In Q2 2016, fisheries GDP contracted by -6.8% y/y, compared with growth of 5.5% in Q2 2015. The decline mirrors the macro challenges being faced by the economy as a whole.

To drive the fisheries segment towards expansion, the FGN needs to develop policies geared towards encouraging aquaculture. For instance, addressing power shortages as well as promoting technology and training indigenous fisheries professionals.

Related News
1.       Stanbic IBTC restates commitment to agriculture, plans to increase allocation to sector

2.      Nigeria and the Agricultural Sector – An Operators Perspective

3.      Domestic Rice Production is a Necessity

4.      Incentives as Stimulus for Economic Growth: A Case for EEG

5.      Towards a Viable Fisheries Industry

6.      Fresh Look for Agriculture

7.      Boosting domestic fish production in Nigeria

8.     A shining Chinese example for agriculture

9.      Towards a viable fisheries industry

10.  Africa: Agri-tech is the future of farming

11.   Waking a sleeping giant

12.  Agribusiness Business Group buys into CBN Forex Restrictions,Signs MoU with Dutch Agric Organisation

13.  Eyes glued on agriculture

14.  No dramatic change planned for agric

15.   Fisheries segment in transition 

Related News