FG IS PRAISED BY THE NORWEGIAN SEAFOOD COUNCIL FOR REMOVING STOCKFISH FROM THE FX PROHIBITION

According to Africa Norwegian Seafood Council Director Trond Kostweit, the delisting would help Nigeria's stockfish industry.

The Federal Government's decision to remove stockfish from the list of items invalid for the foreign exchange window has been applauded by the Norwegian Seafood Council.

The praise was given by the council on Wednesday in Lagos at a one-way interactive workshop with regulators and stakeholders in the fish industry.

According to the News Agency of Nigeria (NAN), the Central Bank of Nigeria (CBN) limited the importation of 43 goods that may be made domestically in 2015, along with the availability of foreign exchange.

According to NAN, Norwegian stockfish was among the 43 goods that were prohibited from obtaining foreign exchange in 2015.

Nonetheless, the CBN declared in October 2023 that the 43 commodities that were barred from entering the foreign exchange window in 2015 will once again be available.

According to Africa Norwegian Seafood Council Director Trond Kostweit, the delisting would help Nigeria's stockfish industry.

That stockfish and other produce were removed from the FX ban makes us really happy and appreciative.

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

The Nigerian stockfish industry employs a large number of people; they work in the preparation, sale, and import of stockfish.

“We have organized 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, aiming to strengthen the country's aquaculture industry.

The Norwegian Ambassador to Nigeria, Svein Baera, expressed that his country is dedicated to maintaining the century-old trading ties between Norway and Nigeria.

We have been exporting stockfish here in Nigeria for about 150 years. Thus, it has long been considered an acquired taste.

History demonstrates that over time, Norwegian stockfish has grown in importance as a component of Nigerian cooking.

But because of its distinct flavor, Norwegian stockfish does not face competition from the region's aquaculture industry.

We express our gratitude to the Nigerian government for its longstanding support of the Norwegian stockfish trade.

“We anticipate that the Naira's value will level out so that stockfish will continue to be reasonably priced in the years to come,” Baera stated.

The Deputy Director of the Fisheries Department, Philip Abah, on behalf of the Minister of Agriculture and Food Security (FMAFS), Abubakar Kyari, praised the council for its role in fostering the expansion of the aquaculture industry in Nigeria.

We are deeply appreciative of the Norwegian Seafood Council's commitment to growing the seafood sector in our country over the years.

The Nigerian seafood industry plays a vital role in international trade and makes a significant contribution to the country's economy and food supply.

We can create a resilient food system by utilizing the potential of sustainable fishing methods, encouraging aquaculture, and establishing cooperation between industrial and governmental partners.

“The seafood sector has the ability to meet the population's nutritional needs and contribute to the economic development of our nation due to its vast resources and potential for job creation,” Kiari

The Norwegian Seafood Council's Abbey Cheke, a fisheries expert, emphasized the council's ongoing support of Nigeria's aquaculture industry.

We express our gratitude to the CBN and the Federal Government of Nigeria for removing stockfish on the forex blacklist. We have spent the last three and a half years doing this.

“We think the sector will improve and there will be more trade between Norway and Nigeria.”Norway intends to provide Nigeria with increased support in the areas of aquaculture training and quality assurance.

“If the EU completely lifts the ban on Nigerian fish, Norway will allow Nigerian farmed tilapia to enter the country at zero percent import duty.”

“Due to the fluctuating Naira, even stockfish producers have lowered their prices to allow Nigerian importers to continue operating,” Cheke continued.