Prices of fish feeds rise as naira falls

This reporter who went to Kado fish market in Abuja discovered that the prices of fish feeds, especially the imported ones, have witnessed significant increase as more naira now buy few dollars.The 15 kilogrammes bag of Multi Feed – an Israeli product – which was sold at N4,500 between January and February in the market, […]

This reporter who went to Kado fish market in Abuja discovered that the prices of fish feeds, especially the imported ones, have witnessed significant increase as more naira now buy few dollars.
The 15 kilogrammes bag of Multi Feed – an Israeli product – which was sold at N4,500 between January and February in the market, currently goes for N5,200.
Mrs Ngozi Chukwu, one of the fish feed sellers in the market, said the situation has forced many fish farmers to change to using locally produced fish feeds, which are sold for between N4,000 and N4,500.
Farmers who are using cray fish to boost their fish growth are now thinking of alternative as a bag of cray fish which was sold at N8,000 early this year is now sold for N12,000 with supply dwindling in the market.
“I have placed order for 50 bags of cray fish but I got only nine,” Chukwu said, adding that the cray fish supply, which comes from Cameroon and Chad republics has been dwindling these days; the situation she noted is responsible for the price increase.
At Dennis Fish Feeds shop, the sales woman said there has been scarcity created by the elections as many importers fear the aftermath of the elections.
However, James Linus, a fingerlings and fish feeds seller in the market expressed hope that more import activities will be witnessed after the incoming administration takes over and stabilises the naira against the dollar.
“Until that is done, the fall in the value of the naira is seriously affecting many importers and the prices of imported goods in the market,” he said.