(Ecofin Agency) - The Catfish Association of Nigeria (CAFAN) on Tuesday revealed that Nigeria produced 370,000 metric tonnes of catfish in 2016.

The National President of the Association, Tayo Akingbolagun who disclosed this during the association’s Annual General Meeting in Benin puts the value of the production at over N175 billion ($556million).

Akingbolagun noted that fish feeds alone accounts for between 65 and 75% of the cost of production as 5% value added tax was charged on all locally produced fish feeds, therefore making it expensive.

The National President, however, sees the tax policies as non-beneficial saying that the “Federal Government should quickly address the tax policies so as to encourage the growth and sustainability of the aquaculture sector.”

The fishery sector contributes to 0.48% of the nation’s Gross Domestic Product (GDP) while agriculture contributes more than 20.24% of that value. He added that the fishery sector also provided over 2 million jobs across the various sectors of the economy.

Anita Fatunji