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High cost of diesel taking toll on my business – Obasanjo

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High cost of diesel taking toll on my business – Obasanjo, #High #cost #diesel #toll #business #Obasanjo Welcome to 50MIND S BLOG, This is the most recent breaking news and trending broadcast that we have for you today: :

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Former Nigerian President Olusegun Obasanjo has stated that the high cost of diesel as well as the country’s currency rate are hurting his fish business.

Mr. Obasanjo, who runs a fish farm, said he has been sweating because the high cost of diesel has been affecting his fish productivity. He remarked Tuesday at his Abeokuta home at a meeting of the South-west Fish Farmers Price Sustainability Group.

Mr. Obasanjo stated that rising diesel prices, as well as repeated increases in fish feed prices, will eventually drive Nigerian fish farmers out of business.

He recommended farmers reach an agreement on sustainable rates that might be used to keep them in business.

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“With the current price of fuel at N800 (naira) per litre, the cost of producing a kilogramme of fish is N1,400.” Farmers must sell for less than N1,500 in order to make a very marginal profit, since anything less is an absolute loss,” warned the former president.

He went on to say that farmers can no longer produce at the mercy of customers who would come around to buy the fish for whatever price they want, without considering the influence of current economic pricing on the production of such fish.

Source: Premium Times Online News

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