World Bank Commits $200m to Boost Nigeria’s Fish Production

The World Bank Group has committed $200 million to support Nigeria’s efforts to increase domestic fish production and address the country’s widening 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.

He said the funding would be made available to state governments as concessional loans to expand aquaculture investments, strengthen production capacity and improve the country’s fish supply.

Oyetola, represented by the Senior Special Assistant to the President on Marine and Blue Economy, Busayo Fakinlede, urged state governments to take greater responsibility for developing the sector.

He said Nigeria required approximately 3.6 million tonnes of fish annually but currently produced about 1.4 million tonnes, leaving a deficit of more than 2.2 million tonnes.

The minister said the government was developing a state-driven aquaculture framework to encourage states to identify priority value chains, prepare viable investment projects and set measurable production targets.

He expressed optimism that coordinated efforts between federal and state governments would help Nigeria achieve fish sufficiency and eventually become a net exporter.

The training brought together policymakers and technical officials, including commissioners and directors responsible for fisheries and aquaculture from various states.

Oyetola said a follow-up stakeholders’ meeting would strengthen collaboration and ensure that the investment framework translated into tangible improvements in production.