The Federal Government has secured a US$200 million commitment from the World Bank Group to spearhead a national fisheries and aquaculture expansion drive aimed at repositioning Nigeria as a fish-sufficient nation.
Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, announced the initiative during a high-level Executive Training on Aquaculture Investment Guide in Abuja, organized by the ministry in partnership with the World Bank.
The funding will be extended to state governments as concessional loans to build local capacity, unlock investment opportunities, boost domestic output, and reduce the country’s reliance on imported fish.
Represented by Professor Busayo Fakinlede, Senior Special Assistant to the President on Marine and Blue Economy, the Minister stressed that national food security cannot be achieved while depending heavily on imports. Nigeria currently consumes approximately 3.6 million tonnes of fish annually but produces 1.4 million tonnes, creating a 2.2 million-tonne deficit that costs nearly US$1 billion yearly in foreign exchange.
The strategy mandates state-level participation, requiring sub-national governments including commissioners and fisheries directors from key maritime regions to identify priority value chains, develop bankable project pipelines, and commit to measurable production outcomes. The World Bank financing will support these state-level implementations.
Officials noted that recent reforms, including the inauguration of an accelerated fish production technical committee and the digitization of fish import licensing, have already raised national production from 1.1 million to 1.4 million tonnes, alongside new US shrimp-export certifications. A post-training stakeholders’ roundtable will be convened next to deepen collaboration with state governments and accelerate private capital integration.
