Nigeria moves to address huge import bill for fish

Friday 20th September, 2019
Godwin Emefiele

ABUJA, Sept. 20 (Xinhua/GNA) - Nigeria's apex bank on Friday revealed moves were being made to address the country's huge import bill for fish and creating more opportunities to develop the blue economy.

In a statement reaching Xinhua in Abuja, Godwin Emefiele, the governor of the Central Bank of Nigeria, said the current import bill for fish stood at about 1.2 billion U.S. dollars annually.

Whilst fish production stands at 800,000 tons, the demand is at 2.7 million tons every year, Emefiele said.

With a deficit of 1.9 million tons, the bank's chief said coastal states in Nigeria, Africa's largest economy, had been engaged in ways of addressing the deficit.

He added that new initiatives were being developed to create enabling environment for investors and build huge economic opportunities toward addressing the huge import of fish into the country.