Concerns have arisen within the local fish business due to epileptic Power Supply issues in the country and increasing costs of necessary resources. The business relies on ice blocks to maintain the freshness of their daily catch from the ocean nearby, necessitating a consistent supply of ice blocks to ensure the quality of the fish sold to customers. The fish Trade in the local area has been greatly affected by a decrease in power supply and expensive Petroleum products. This has led to a surge in demand for ice blocks due to unreliable power in Nigeria, presenting a profitable business prospect for individuals residing in regions with dependable power or access to Alternative Energy sources.
The rising cost of preservation due to limited ice blocks causes traders to pay more, leading to an upsurge in fish prices. Meanwhile, fishing activities serve as crucial income generators for millions of Nigerians and play a substantial role in the country’s GDP. WorldFish, an organization dedicated to aquatic food research and innovation, reports that Nigeria’s fish production reaches nearly one million metric tons annually. Most of this fish is consumed within the country, while approximately 10 percent is exported. The fishing industry, which includes fishermen, fish farmers, processors, traders, and exporters, plays a crucial role in stimulating Economic Growth and development in Nigeria.
Businesses generally are impacted by poor electricity supplies.
Traders continue to face challenges in preserving their fresh catch due to unreliable power supply in the sector. Generally, businesses in the country have been significantly impacted by the consistent issue of poor Electricity supply, despite efforts made by past administrations to address the problem. The country continues to grapple with intermittent power outages, hindering economic activities. Generators have become essential for numerous traders and small business owners, even as the expensive PMS largely chips away at their earnings. The fishing communities of Ibaka and Oron in Akwa Ibom are particularly suffering from the consequences of unreliable electricity supply.
A Fish dealer, Affiong Afahaene, in Ishiet, Uruan Local Government Area expressed concern over how the unreliable power supply is impacting the profitability of the fish trade. The price of prawns in the area has soared, with a kilogram now sold for ₦18,000 compared to the previous price of ₦12,000. The cost of a medium-sized ‘fresh catfish’ has increased from ₦2,000 to ₦3,000, and a larger ‘fresh fish’ is now selling for between ₦15,000 and ₦17,000 instead of the previous range of ₦10,000 to ₦12,000.
Traders can consider utilizing alternative energy sources.
Professor Victor Ebong from the University of Uyo believes that regulating fuel prices in Akwa Ibom is essential. The removal of Subsidies has greatly impacted current fuel prices, resulting in a variety of pricing approaches among gas stations in the area. Ebong stressed the importance of government oversight in maintaining consistent prices at all gas stations. He suggested that monitoring teams be put in place to enforce pricing regulations, with non-compliant stations facing penalties like temporary closure.
Ubong Edet, a state development specialist, said there is a need for enhancing Infrastructure in the area. He suggested that the government allocate funds towards upgrading the local power system to ensure uninterrupted and dependable power supplies for commercial activities. Mr. Edet proposed a joint effort involving government agencies, private businesses, and global entities to achieve this goal. He observed that traders have the opportunity to consider utilizing alternative energy sources like solar power systems to complement the current electricity supply. This can decrease reliance on the primary power grid and guarantee a reliable energy source.
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Dan Kunle, a consultant specializing in energy and business, pointed out the necessity for significant government funding in national energy infrastructure alongside immediate support for traders. Highlighting the fundamental role of electricity in various industries, Kunle stressed the crucial need for extensive Investment in energy infrastructure at a national level. In the immediate future, there is a critical demand for temporary measures, like distributing solar systems to fish vendors. Even though these actions may not guarantee lasting sustainability, they can assist in keeping prices steady, he added.