The Federal Government has secured a $200 million commitment from the World Bank Group to expand fisheries and aquaculture production across Nigeria.
The funding, which will be provided to state governments as concessional loans, is expected to attract investment, increase domestic fish production and help address the country’s widening fish supply deficit.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this during an executive training on the aquaculture investment guide organised by the ministry in collaboration with the World Bank Group in Abuja.
According to a statement issued on Sunday by his Special Adviser, Bolaji Akinola, the training brought together policymakers and technical officials, including commissioners from Rivers, Bayelsa, Delta and Cross River states, as well as permanent secretaries and directors of fisheries and aquaculture from across the country.
Oyetola, who was represented by the Senior Special Assistant to the President on Marine and Blue Economy, Busayo Fakinlede, said state governments must take greater responsibility for increasing domestic fish production.
“Our ambition is to produce more, import less and, in time, become a net exporter. That ambition can be achieved only when every state plays its part,” he said.
The statement noted that Nigeria requires approximately 3.6 million tonnes of fish annually but produces only about 1.4 million tonnes, leaving a supply gap of more than 2.2 million tonnes.
Oyetola said the ministry was pursuing a state-driven aquaculture development framework that would require states to identify priority value chains, assess investment readiness, develop bankable projects and make measurable contributions to national fish production.
He explained that the $200 million World Bank commitment would provide financing for states to implement their priorities, expand production capacity and move Nigeria towards self-sufficiency in fish production.
The minister added that a federal-state engagement platform would support a coordinated national fish security strategy, ensuring that the Federal Government’s objectives translated into measurable production targets and investment outcomes at the state level.
He commended the World Bank for supporting the development of Nigeria’s marine and blue economy through analytical studies, cluster-based development, capacity building and the aquaculture investment guide.
Oyetola also said he would oversee a post-training stakeholders’ roundtable aimed at strengthening engagement with state governments and other stakeholders, improving implementation arrangements and sustaining the momentum generated by the initiative.
