Fish farmers have decried the continuous increase in cost of fish feeds in the market while the market price of fish falls yearly, leading to exit of many fish farms in Nigeria.
According to them, the dependence on imported feeds has stimulated wide price fluctuation, leading to price inflation of feedstuff.
Presently, a bag of Coppen feeds, an imported feed, cost N4,000 to N5,200 per bag as compared to the price of a live fish, sold for about N480.
Government only regulates the commodity markets through import controls and price support through subsidies or direct government purchases and other policy instruments designed to support the feed manufacturing industry.
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