The Federal Ministry of Agriculture and Rural Development announced its decision to commence the structured embargo on the importation of fish.
The circular dated 29 October 2013, which takes full effect from January 2014, targets a 25 per cent annual reduction in fish importation into the country.
In an effort to clarify the extent of the measure, Minister of Agriculture, Dr Akinwumi Adesina explained, "We hereby emphasised that reports of a total ban on fish import is not true and did not originate from the minister, who has emphasised that, at no time did he announce a total ban on the importation of frozen fish into the country," This Day reports.
This measure aims at fighting the large increase of fish imports by various companies operating in Nigeria. This process took place for many years, due to the abrupt decline in Nigeria’s fisheries.
The Federal Government had observed the escalating foreign exchange demand for fish imports since 2005.
“A responsible minister will not stand idly and watch Nigeria’s fisheries sub-sector plunge down the drain while financing other nations’ economies through indiscriminate importation, when the home economy suffers further devastation,” Special Adviser to the Minister on Media, Dr Olukayode Oyeleye, said in a statement, The Nigerian Tribune informs.
The rising imports gave way to malpractices including over-invoicing, foreign exchange capital flight, and ghost import.
Adesina added that the new policy being introduced aims at engaging fish importers in fish farming enterprises like their counterparts in other parts of the world in order to increase local production and reduce fish import.
In this context, the minister also announced the distribution of subsidized fishing equipment as part of a project to support the artisanal sector and aquaculture, to be implemented in the coastal states around the country.