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Norwegian Seafood Council hails Nigeria for delisting stockfish from forex restriction

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Lagos, Nov.16, 2023: The Norwegian Seafood Council has commended the Federal Government for delisting stock fish on the list not valid for foreign exchange window.

The council made the commendation at the one-way interactive workshop with stakeholders and regulators in seafood sector on Wednesday in Lagos.

In 2015, the Central Bank of Nigeria (CBN) restricted the availability of foreign exchange to the importation of 43 items which could be locally produced within the country.

Norwegian stockfish was part of the 43 items banned in 2015 from accessing forex.

However, in October 2023, the CBN announced restoration of the 43 items prohibited from access to the foreign exchange window in 2015.

Mr Trond Kostweit, the Director Africa Norwegian Seafood Council, said the delisting would boost the Nigerian stockfish sector.

“We are very happy and grateful that stockfish was delisted from the forex ban among other produce.

“We are very thankful to the Nigerian authorities for doing that, and we think that this will be very important going forward.

“The Nigerian stockfish sector is a big employer of labour, a lot of Nigerians are employed in importing and selling and preparing the stock fish.

“To boost the Nigerian aquaculture sector, we have organised a workshop for a competence building with a subject of aquaculture to help Nigeria do aquaculture as we have done in Norway,” Kostweit told NAN.

On his part, Mr Svein Bæra, Norwegian Ambassador to Nigeria, said Norway is committed to fostering the century old trade relationship between Nigeria and Norway.

“Here in Nigeria we have been exporting stockfish for almost 150 years. So, it has been an acquired taste for a long time.

“History has shown that the Norwegian stockfish has become an important ingredient in Nigerian cuisine over the years.

“However, the Norwegian stockfish is not in competition with the local aquaculture sector because of its unique taste.

“We would like to thank the Nigerian authorities for supporting the Norwegian stockfish trade over the years.

“We hope that the value of the Naira will stabilise to ensure that stockfish will remain affordable in the years to come,” Bæra said.

The Minister of Agriculture and Food Security (FMAFS), Mr Abubakar Kyari, represented by Mr Philip Abah, the Deputy director Fisheries Department, also commended the council for the contribution to the growth of the Nigerian aquaculture sector.

“We extend our warm gratitude to the Norwegian Seafood Council for their dedication in advancing our nation’s seafood industry over the years.

“The Nigerian seafood industry contributes largely to the economy and food supply as well as playing a key role in international trade.

“By harnessing the potential of sustainable fishing practice, promoting aquaculture and fostering collaboration between government and industry stakeholders, we can build a resilient food system.

“The seafood sector its vast resources and potential for job creation, has the capacity to not only meet the nutritional needs of the population but also contribute to the economic development of our nation,” Kyari

Mrs Abbey Cheke, fisheries consultant, Norwegian Seafood Council, also emphasised the council’s continuous support of the Nigerian aquaculture sector.

“We would like to thank the Federal Government of Nigeria and the CBN for delisting stockfish from forex ban. This is what we have been on for the past three and a half years.

“We believe things will improve in the sector and the trade between Norway and Nigeria will increase.

“Norway will give a Nigeria more assistance in terms of quality assurance, training in aquaculture.

“Norway has a special window for Nigerian farmed fish, tilapia, to enter into Norway at zero per cent import duty, if the EU fully vacates the ban on Nigeria’s fish.

“Even the producers of stockfish have cut down prices to enable Nigerian importers continue business due to the fluctuating Naira,” Cheke added.

Stockfish

Forex ban on stockfish causes spike in price

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Mr Knut Lein, Norway Ambassador to Nigeria on Friday, blamed the rising cost of stock fish in Nigeria on the inclusion of stockfish on forex banned list.
The Central Bank of Nigeria (CBN) 2015, listed pelagic fish and stockfish among 44 items not valid for Foreign Exchange Window.
Lein said on the sideline of a two-day seafood seminar in Port Harcourt that the ban had resulted to inflated cost of stockfish in Nigeria.
According to him, Nigeria should reconsider its forex denial on stockfish imports as the seafood is highly nutritional and has become a part of the local delicacy.
“Norway is not competing with Nigeria in stockfish production and we have raised two points to this argument with Nigerian government officials.
“One is that Norway understands that Nigeria needs to grow its own fish industry, to which Norway stands ready to assist Nigeria realise.
“But today’s topic is about stockfish, a very particular product which is enjoyed a lot in Nigeria and that cannot be produced here due to climate.
“So, our argument is that we want to work with the Federal Government to grow our trade and at the same time, provide assistance for Nigerian fish industry to grow,” he said.
Lein said the Norwegian government had expressed willingness to share decades of experience in fish farming and Atlantic fishing and build capacity of local fish farmers.
The envoy said that both countries had to work closely to ensure mutually beneficial relations.
“So, we are waiting on the Nigerian authorities to demand our assistance as well as remove barriers on the stockfish trade in the country.
“The lack of access to forex and challenges in issuing letters of credit has resulted to both importers and exporters losing a lot from the trade, blamed on the expensive forex in Nigeria.
“In the end, those suffering are the Nigeria consumers of stockfish who buy the item as higher price than they should have,” he bemoaned.
Lein blamed the trade imbalance between both countries to Nigeria’s importation of refined petroleum product from Norway, after exporting crude oil to the country.
In his address of welcome, Mr Trond Kostveit, Director of Africa, Norwegian Seafood Council said the council organised the programme to exchange ideas with local industry players.
Kostveit said that residents of Port Harcourt were among the highest consumers of stockfish in the country, hence the decision to partner with importers and exporters in Rivers.
“We want to make sure that the fish comes very quickly to consumers in the city in the face of general concerns over high price of stockfish.
“Stockfish is not a luxury product but an important nutritional food source for everyone,” he added.
Speaking, the Deputy Governor of Rivers, Dr Ipalibo Banigo said the state government was ready to partner with the Norwegian Seafood Council to develop the state’s seafood industry.
She said the state blessed with large numbers of rivers and creeks, had an enormous number of seafood that could be harnessed to shore up revenue.
“So, Rivers is open to doing business with willing investors. We have put laws to improve our agric sector to boost revenue of the state,” Banigo said.