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Stock Fish
Stock Fish
NIGERIA ECONOMY
Nigeria is a huge market with an oil-rich economy and the largest population in Africa (140 million people and a population growth rate of about three percent annually). Nigerias average per capita GDP continues to rise rapidly (nearly 200 percent over the last five years) due to swelling oil revenues. However, income distribution is highly skewed and dominated by mass market consumers. The country remains a large food importing country ($3 billion), primarily bulk commodities, despite some limited growth in the agricultural sector over the last few years.
MARKET POTENTIAL
Nigeria is a huge market for fish and has market potential for approximately 2.5 million MT. The majority of fish(both frozen and dried) consumed in Nigeria is imported. Industry sources approximate the countrys fish consumption at 1.5 million MT (valued about $1.7 billion) in 2006. About 800,000 metric tons of this were imported fresh,dried stockfish and frozen (mainly mackerel, herring and croaker) valued at approximately $900 million. These imports are primarily sourced from the EU, South American and some African countries. There has also been a shift in the past few years to importing more of hitherto unpopular products from South Pacific countries. In addition to fresh and frozen fish, around 160,000 MT of higher-value stockfish (dried fish) valued at over $400 million are typically imported from Scandinavian suppliers.
CONSUMER UNDERSTANDING
Mothers/Families
Female 25- 45 (especially wives /mothers). Upwardly mobile living in Urban Nigeria. She is a home-maker who loves to impress her spouse with her cooking. She maintains a healthy life-style and this reflects in the meals she makes or buys for her family. Places of purchase are usually mini shops/open market and super market. They enjoy to spice their meals with additives that are affordable. Loves to try new tastes &twist while cooking
Insights into the Nigerian stockfish market : Usage & Attitude Study By
OPPORTUNITY
Nigeria is also a huge market for stockfish and imports about 160,000 tons of valued at more than $400 million per year Nigerian importers have been unable to find suppliers of this product from the United States. Nigerias inadequate electricity supply constrains Lack of storage of frozen and seafood products, creates market opportunities for suppliers of stockfish Which in turn creates market opportunity and other seafood products not requiring refrigeration. Wholesalers usually either purchase as the product is offloaded or take stock from these importers storage facilities.
HEALTH BENEFIT
Stock fish are rich in essential ingredients like vitamin B12, niacin, Thiamine, which helps to maintain our nerves and ensure normal growth, phosphorous needed for the effective utilization of calories, iodine to help keep our thyroid gland health and ensure normal metabolism, and plenty of calcium for strong bones and teeth. Stock fish also has the added advantage of being unsalted, this you do not run the risk of consuming too much salt than what is acceptable. This should of particular interest to people of African and Caribbean descent. Their kidney lack the genetic ability to filter salt properly from the body, unlike their Caucasian counterparts.
LEGAL ACCESS
The Federal Department of Fisheries (FDF) of the Federal Ministry of Agriculture and Water Resources (Nigerias Department of Agriculture) and NAFDAC (Nigerias food regulatory agency) regulate the importation of food products. Nigerias FDF issues import licenses to local firms which apply with the necessary certifications, and licenses are then issued per import purchase/shipment. NAFDAC inspects the food hygiene and safety of imports and then clears the shipments. Certification requirements include: 1. Certificate of Origin and Hygiene; 2. Proof of Ownership of efficient storage and trucking facilities. Label Labeling requirements include: 1. Consignees mark and port mark; 2. Containers must be numbered to correspond with numbers on invoice.
REGULATORY CONTACT
1. National Agency for Food & Drug Administration & Control (NAFDAC) Plot 204, Olusegun Obasanjo Way Wuse Zone 7, Abuja-Nigeria Telephone: (234) -9-671-8008, (234)-1-473-0643 E-mail: nafdac@nafdac.gov.ng 2. Nigeria Customs Service Customs Headquarters 3-7, Abidjan Street Off Sultan Abubakar Way Wuse Zone 3 Garki-Abuja, Nigeria Tel: 234-9-523-4694, 523-6394, 2534680 E-mail: info@customs.gov.ng; pro@customs.gov.ng Website: www.customs.gov.ng 3. Federal Ministry of Agriculture & Water Resources Federal Secretariat, FCDA PMB 135, Area 11 Garki-Abuja, FCT Nigeria Tel: (234) 9-314-1931, 314-2405 Fax: (234) 9-314-2532
Threat: Lack of fully functioning credit bureau - The Nigerian financial system still has some bottlenecks impeding easy access Undifferentiated stockfish non packaged and branded stock fish product While consumers would buy Head cod or Round cod as substitutes, some consumers would also substitute with Dry fish instead
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