Business

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

Published

4 years ago

August 28, 2022

Editor

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

Again, Dangote Refinery Hikes Fuel Price

Published

1 hour ago

May 6, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.

This is the first fuel increase by the Refinery in the month of May.

This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.

Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

2 days ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

4 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.