Former Nigerian president, Chief Olusegun Obasanjo has lamented the high cost of diesel and the unfavourable exchange rate, claiming that these factors had a negative impact on his fish business, IgbereTV reports.
Obasanjo, who is a farmer, stated this on Tuesday, during a media briefing in his home in Abeokuta, Ogun State, during the Congress of the South-west Fish Farmers Price Sustainability Group Congress.
The former president of Nigeria argued that rising diesel prices and the value of the dollar would eventually drive Nigerian fish producers out of business.
He said “The current price of diesel at 800 (naira) per litre, production of a kilogramme of fish is N1,400. In order to make very marginal profit, the farmers can’t sell less than N1,500 as anything short of that amounts to outright loss
