Tayo Akingbolagun, the National President of Catfish Association of Nigeria (CAFAN) said the aquaculture sub-sector produced fish valued at over N175 billion in 2016 fiscal year.
The CAFAN president said the fish produced in the period under review was 370,000 metric tonnes.
Akingbolagun made the disclosure on Tuesday during the association Annual General Meeting (AGM) in Benin- City.
He said fish business contributed about 4.5 percent to the Gross Domestic Product (GDP).
He further added that the sub sector had provided over two million jobs to Nigerians cutting across the various sectors of the economy.
The CAFAN president however urged government at all levels to reposition the nation’s revenue base through investment in agriculture especially in the aquaculture sub sector.
“In response to the somersault of oil and gas industry, the focus of our government is to reposition the Nigeria revenue platforms through investment in agriculture.
“Fish is one of the vital sectors that are being considered as it is the best and cheapest source of animal protein for human consumption.
“Fish feed accounts for between 65 and 75 percent of cost of production. In addition, a five percent vat is also charge on locally produced fish feeds”, he said.
Akingbolagun noted that the charges on locally produced fish feeds had pushed up the cost of production and forced farmers to buy feeds at high costs.
He also attributed the cost of production to government tax policies which he described as retrogressive and uncomplimentary to reposition the revenue base of the country from oil to agriculture
He however advised the federal government to as a matter of urgency attend to its tax policies so as to encourage the development, growth and sustainability of the aquaculture sub sector.
