World Bank commits $200m to boost Nigeria’s fish production, reduce import dependence

Oru Leonard 

The Federal Government of Nigeria has secured a US$200 million World Bank-backed financing commitment to accelerate fisheries and aquaculture development, as part of efforts to address Nigeria’s fish supply deficit, reduce import dependence and strengthen national food security.

The initiative, spearheaded by the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, will make concessional loans available to state governments to expand domestic fish production, attract private sector investment and develop commercially viable aquaculture projects.

Oyetola disclosed the development through the Senior Special Assistant to the President on Marine and Blue Economy, Professor Busayo Fakinlede, who represented him at a high-level Executive Training on Aquaculture Investment Guide organised by the Federal Ministry of Marine and Blue Economy in collaboration with the World Bank Group in Abuja.

The training brought together commissioners, permanent secretaries and directors responsible for fisheries and aquaculture from various states, including Rivers, Bayelsa, Delta and Cross River, to strengthen their capacity to identify, develop and implement investment-ready aquaculture projects.

The Minister stressed that achieving national fish sufficiency would require stronger collaboration between the Federal Government and state governments, noting that sub-national participation was critical to expanding production and closing the country’s widening supply gap.

According to him, Nigeria’s annual fish requirement stands at approximately 3.6 million tonnes, while domestic production is estimated at 1.4 million tonnes, leaving a shortfall of more than 2.2 million tonnes.

The deficit is largely covered through imports, which cost the country close to US$1 billion annually in foreign exchange.

Oyetola maintained that the country’s dependence on imported fish was unsustainable, particularly given the sector’s potential to generate employment, improve rural livelihoods, increase household incomes and contribute significantly to economic diversification.

He urged state governments to take advantage of the World Bank-backed financing by identifying their comparative advantages, prioritising viable fisheries value chains and developing bankable investment proposals capable of attracting funding.

Under the proposed state-driven aquaculture development framework, each state is expected to identify priority production areas, assess investment opportunities, establish project pipelines and make measurable contributions to national fish production targets.

The Minister explained that the aquaculture investment training was designed to equip state-level decision-makers with practical knowledge of business models, investment risks, environmental and social safeguards, and public-private partnership arrangements.

He also commended the World Bank Group for its continued technical and financial support for Nigeria’s marine and blue economy development, particularly in analytical studies, cluster-based development, capacity building and the preparation of the Aquaculture Investment Guide.

Oyetola further disclosed plans to convene a post-training stakeholders’ roundtable to strengthen engagement with state governments, investors and development partners, with a view to translating the initiative into concrete investments and measurable production outcomes.

Earlier, Fakinlede attributed recent progress in the fisheries sector to the Minister’s policy direction, highlighting the inauguration of the Technical Committee on Accelerating Fish Production in August 2026 and the digitisation of fish import licensing.

He noted that national fish production had increased from 1.1 million tonnes to 1.4 million tonnes under the current administration’s renewed intervention in the sector.

He also identified Nigeria’s attainment of shrimp-export certification through compliance with Turtle Excluder Device requirements and the development of the Fish City and Fish Terminal investment portfolio as important milestones in positioning the country for greater participation in international seafood markets.

The Federal Government expressed optimism that sustained collaboration with state governments, development partners and private investors would help close Nigeria’s fish supply gap, conserve foreign exchange, create jobs and establish the country as a major fish-producing nation.