Following the rising cost of Petroleum Motor Spirit (PMS) and diesel across the country due to the crisis in the Middle East, the Nigerian Fishing industry has said more than 80 per cent of fishing vessels is set to suspend operations.
The members of the Nigerian Trawlers Owners Association (NITOA), who made this disclosure said the sharp increase in the price of Automated Gas Oil (AGO), commonly known as diesel, has made it economically unviable for operators to remain at sea.
According to the Association, there is a significant drop in fish supply from trawlers at the Ijora Fish Market in Lagos, leading to scarcity and a surge in prices across markets.
The National Executive Secretary of the Fisheries Cooperatives Federation of Nigeria, Oladele Robinson, said both artisanal and industrial fishing operators are being hit hard by rising fuel costs.
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He added that while artisanal fishers rely on Premium Motor Spirit (PMS), industrial operators depend entirely on diesel-powered trawlers, making them particularly vulnerable to price increases.
“At times, operators go to sea but are unable to secure enough catch to justify the cost of fuel, a situation that has driven up the prices of fish and other seafood,” he said.
Industry sources revealed that diesel prices have surged from about ₦900 per litre to between ₦1,800 and ₦2,000, representing an increase of over 100 per cent.
As a result, many operators have chosen to dock their vessels rather than incur heavy financial losses on extended fishing trips.
“The problem is AGO, which is diesel. The vessels run 100 per cent on AGO. Right now, the prices are so high that you can’t even think of fuelling a vessel for a 50-day trip. The vessel will return at a significant loss,” a source said.
The development has raised concerns over food security, as fish remains one of the most affordable sources of protein for many Nigerians.
“If vessels do not go to sea, there will be a shortage of fish,” the source warned.
Stakeholders also cautioned that up to 10,000 jobs across the fishing value chain could be at risk if the situation persists without government intervention.
The surge in diesel prices has been partly attributed to global market disruptions, including tensions involving Iran, which have impacted oil and gas supply chains.
Industry players are now calling for targeted government support, including possible subsidies, to prevent a total collapse of the sector.
