The Minister of Marine and Blue Economy, Adegboyega Oyetola, has secured a $200 million commitment from the World Bank Group to support efforts aimed at expanding fisheries and aquaculture production across Nigeria.
The funding, which will be provided to state governments as concessional loans, is expected to strengthen fish farming activities, attract investments, increase domestic fish production and help reduce the country's dependence on imported fish.
Oyetola's initiative forms part of a broader strategy to make Nigeria self-sufficient in fish production while enhancing food security and creating sustainable livelihoods across the fisheries value chain.
Represented by the Senior Special Assistant to the President on Marine and Blue Economy, Professor Busayo Fakinlede, the minister disclosed the development during a high-level Executive Training on the Aquaculture Investment Guide organised by the Federal Ministry of Marine and Blue Economy in partnership with the World Bank Group in Abuja.
According to Oyetola, the programme was designed to equip state policymakers and technical officials with the knowledge needed to develop viable aquaculture projects, explore investment opportunities, manage risks and strengthen public-private partnerships.
He stressed that achieving national fish sufficiency would require greater participation from state governments, noting that fish remains critical to food security, nutrition and rural economic development.
Nigeria currently requires about 3.6 million tonnes of fish annually but produces only 1.4 million tonnes, leaving a supply gap of more than 2.2 million tonnes. The shortfall is largely met through fish imports, which cost the country nearly $1 billion in foreign exchange each year.
To address the deficit, the ministry is promoting a state-driven aquaculture development framework that will encourage states to identify priority value chains, assess investment readiness, develop bankable projects and contribute meaningfully to national production targets.
Oyetola said the World Bank-backed funding would provide crucial financial support for states to expand aquaculture operations, increase production capacity and accelerate Nigeria's journey towards fish self-sufficiency.
He also commended the World Bank Group for its continued support of Nigeria's marine and blue economy sector through research, capacity building, cluster development initiatives and the Aquaculture Investment Guide.
The training attracted commissioners, permanent secretaries, directors of fisheries and aquaculture, and other stakeholders from across the country, with discussions focused on unlocking investment opportunities and strengthening aquaculture development nationwide.
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