Nigeria, Norway explores ways to increase stockfish trade

It is easy to start stockfish business in Nigeria. All you have to do is to look around for an importer or big dealer in stockfish and buy from the individual.

The need to deepen existing bilateral relations between Nigeria and Norway has been emphasised as participants at the seminar convened by the Norwegian Seafood Council explored ways to increase stockfish trade between both countries through mutually beneficial trade policies and guidelines.

Nigeria and Norway have had strong trade ties spanning many years.

Both countries bilateral relations have grown considerably with trade on stockfish, which is a staple food in Nigeria.

But the continued foreign exchange embargo placed by the Central Bank of Nigeria on some items, including stockfish, is a cause of concern to them.

The Central Bank of Nigeria listed pelagic fish and stockfish among 44 items not valid for Foreign Exchange Window.

Speaking at the seminar in Lagos, Norwegian Ambassador to Nigeria, Knut Lein, said that strengthening and promoting trade ties with Nigeria is important to Norway.

“We are here basically to discuss ways to increase the trade of stockfish between our two countries. To make stockfish cheaper and more accessible to the Nigerian people”, he said.

Lein noted that it is important for Nigeria to reconsider its forex denial on stockfish imports as the seafood is highly nutritional and has become a part of the local delicacies.

We need the Nigerian government to help us. We think stockfish should get access to forex. We need lower import taxes and less bureaucracy.

“Norway understands that Nigeria needs to grow its own fish industry, to which Norway stands ready to assist Nigeria realise,” Lein pointed out.

Norway, the worlds largest stockfish exporting country, has appealed to the Nigerian government to remove stockfish from the list of the 43 items restricted from accessing foreign exchange for importation.

The Norwegian minister of fisheries and ocean policy, Bojmar Skjaran, who made the plea during a recent sensitisation and awareness seminar on food safety organised by the Norwegian Seafood Council in Lagos, said that the inclusion of stock fish on the list has made it more difficult for both Nigerian importers and Norwegian exporters to trade in the commodity. While Emphasising the need to make forex accessible for the importation of stockfish, the minister noted that there is a growing demand in Nigeria and the forex restriction has made it more expensive for both importers and consumers of stock fish.

The minister further expressed with grief that the poor logistics in the ports of Nigeria and high import taxes has worsened the situation in recent months, noting that the fish industry has reconfirmed the fact that stock fish prices may increase well beyond its current state if the issues are not properly addressed.

He said the forex restriction makes it much more difficult and much more expensive for Nigerian importers and stockfish customers to buy fish from Norway.

“In recent times, the situation has gone from bad to worse. And the industry is really concerned that stockfish prices may reach a level that will seriously restrict trade”, he said.

Giving reasons why stockfish should be removed from the list of items with foreign exchange restrictions, he said “Norwegian stockfish is a unique seafood product that can only be produced in the special climate of Northern Norway. The stockfish is not in direct competition with the locally produced fish in Nigeria. Second, the volume imported each year is low compared to other important fish products. So the inputs do not negatively affect the local production of fish in Nigeria. Third, the region stockfish is an extremely healthy sole source of protein. It contains as much less 80% protein. It is low in fat, and it contains essential vitamins. The currency restrictions have led to increased prices for stockfish. It is unfortunate if the price increase prevents people from buying this nutritious product”,

He said that the Norwegian government will continue to work to remove Norwegian stockfish from the list of items with foreign exchange restrictions