Business

Nigeria Imports $3.49bn Fish, Eggs, Milk, Others

Published

3 years ago

August 28, 2022

Fish, poultry eggs, milk, dairy and fish products worth $3.49bn were imported into Nigeria in the last two years, according to data from the International Trade Centre.

Within the time under review, fish products worth $2.14bn were imported into the nation, while diary products valued at $1.35bn were brought into the country.

According to the international trade organisation, the fish products included: live fish, frozen fish, fish fillets and other fish meat, whether or not minced, fresh, chilled or frozen; fish, dried, salted or in brine; smoked fish; flours, meals, and pellets of fish.

They also included crustaceans, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine, even smoked; flours, meals, and pellets of crustaceans; molluscs, even smoked, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine; flours, meals, and pellets of molluscs.

Flours, meals and pellets of fish, crustaceans, molluscs, and other aquatic invertebrates were also imported.

Dairy products imported included: milk and cream; buttermilk, curdled milk and cream, yogurt, kephir and other fermented or acidified milk and cream; whey; products consisting of natural milk constituents, whether or not containing added sugar or other sweetening matter; butter, incl. dehydrated butter and ghee, and other fats and oils derived from milk; dairy spreads.

Imports also included cheese and curd; birds’ eggs, in shell, fresh, preserved or cooked; birds’ eggs, not in shell, and egg yolks, fresh, dried, cooked by steaming or by boiling in water, moulded, frozen, or otherwise preserved; natural honey; Turtles’ eggs, birds’ nests and other edible products of animal origin.

This is despite an acknowledgement by stakeholders that the continued importation of fish and diary products is depleting the nation’s foreign reserves and ability of local farmers to sell their products.

Recently, the Minister of Agriculture and Rural Development, Mohammed Mahmood, disclosed that the nation’s yearly fish import bill of about 2.4 million metric tonnes of frozen fish was taking a toll on its foreign exchange reserves.

He said, “Nigeria is a very large country and we need about 3.6 million metric tonnes (MMT) per annum but we are able to produce only 1.2MMT through the artisanal, industrial and aquaculture.

“The deficit is being supplemented by frozen fish importation, which is being used to bridge the gap. It is not actually that we are going to have 2.5 million metric tonnes brought into the country, but we have a situation that we supplement with frozen fish imports.”

He added, “However, it is being regulated by the Central Bank of Nigeria because only the CBN governor issues Form-M to anybody who wants to bring frozen fish into the country so that monetary toll in terms of foreign exchange used in importing frozen fish is to be given by the CBN.”

According to the Federal Government, there were 10 million primary and secondary fish producers in the nation. During an address at the Internal Coordination Meeting among departments of the African Union, Mahmood, stated the nation was working to reduce its fish import bill in collaboration with the private sector through backward integration.

He revealed that to improve local production and reduce imports, the government was encouraging backward integration through commercial aquaculture production for local consumption and exports.

PUNCH

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

6 hours ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

2 weeks ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

3 weeks ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.