NIGERIA CAN SAVE US$800m FROM FISH IMPORTATION.

Nigeria can save US $800m (N288 billion) yearly from fish importation if the ocean resources are tapped.

Research shows that Nigeria can save US $800m from the money spent on fish importation yearly. This will be possible if the nation’s deep ocean resources are developed and utilized.

The Director/Head, Fisheries Resources Department, Nigeria Institute for Oceanography and Marine Research, Dr. Parcy Ochuko Obatola, said Nigeria is naturally endowed with a lot of marine resources.

These resources have not been tapped for long and has lead to economic loss. Nigeria consumes over 2million metric tons of fishes every year while producing 800,000 metric tons domestically.

Hence, 70% of the fishes domestically produced are from small scale fishermen who fish around the the coast line.

Right now when we look at the demand and supply of fishes in Nigeria, there is still a huge deficit. The demand is almost three million metric tons per annum. The supply is about two million metric tons and there is still a deficit of over one million including those imported and those produced within this country. We are producing about 800,000 metric tons in Nigeria.

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