Fish Deficit: Forex Crisis Stifles Nigeria’s $1.02bn Import Plan

High foreign exchange has stifled importation of fish into Nigeria in the first four months of 2024 as the country battles to meet 2.5 million tonnes deficit estimated at $1.02 billion needed by the consumers.

Findings revealed that Lagos Port was only able to take delivery of 45,170 tonnes of fish valued at $51.9 million from eight vessels between the January and April 2024. It was learnt that the country spent $1.02 billion yearly to meet the deficit through importation from Norway, Chile, Morocco and other countries.

According to the Director for Africa for the Norwegian Seafood Council (NSC), Mr. Tronds Kostveit, Nigeria is the largest importer of Norwegian seafood, adding that the country imported a total of 43,251 metric tonnes of various fish last year.

Read more at Newtelegraphng

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