Stock Fish

Embed Size (px)

Text of Stock Fish


STOCK FISH MARKET OVERVIEW Stockfish trading is very thriving in the whole of southern Nigeria. This exotic delicacy is consumed more by people of southeastern origin- i.e the Ibo's, than any other ethnic group in the state. Since there is a very large concentration of Ibo - speaking people in Lagos State, the stock-fish business is very thriving here, too. Various types of vegetable-based soups are cooked with stockfish in addition to other condiments. Ibo-speaking peoples are voracious consumers of fresh vegetables and stockfish. Indeed, in all major markets in Lagos State, there are sections specially reserved for dried stock fish-trading.

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.

STOCKFISH IN NIGERIAN DIET Even though stock fish is originally native to the Vikings of the Scandinavia, it is extremely popular and widely consumed in the whole of West Africa, especially in Nigeria, Cameroon, Togo and Sierra Leone. Called Okporoko by the Igbos of Nigeria andkpanla or panla by the Yorubas of Southern Nigeria it is a highly favoured delicacy in Ogbono, palm nut fruit (banga) and Egusi soups as well as in efo riro. It is also used in afang soup, and indeed most other soups like edikaikong It is a prestigious and highly regarded gift to include in a visit to in-laws! With the advent of snack stock fish as well as stock fish chippings, it can easily be included in jollof rice and salads meals.

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 CONTACT1. 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: 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:; Website: 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

CORPORATE SWOT KEY Strength: The economy continues to grow strongly and sustained high oil prices are supportive of continued economic growth Nigerias large population of more than 140 million grows at 3 percent per annum. Weakness : Insufficient knowledge of the Nigerian market by the producers and exporters. Higher shipment freights - Inadequacy of consolidated shipments required for large vessels to be used to leverage high freight cost. Opportunity: Nigerias mass market is highly price- sensitive and demands more low priced fish. Nigerias inadequate electricity supply constrains makes stockfish a better choice Limited supply of seafood despite increasing Nigerian consumer demand,

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 insteadPage 25



Events Aloud Ent.61 Igando Road,Ikotun,Lagos 10 College Road,Ogba,Ikeja Email: T: 08056145926