The Federal Government has secured a $200 million commitment from the World Bank Group to support fisheries and aquaculture development, by providing funding for the 36 state governments and the Federal Capital Territory (FCT) to implement these priorities, expand production capacity and attract private investment into the sector.
By its approval terms; the funding, which will be made available to state governments as concessional loans, is expected to help in boosting Nigeria’s fish production and strengthen the nation’s food security.
The Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, gave the hint on the latest World Bank Group’s facility at a high-level executive training on the Aquaculture Investment Guide organised by the ministry in collaboration with the World Bank Group in Abuja.
Oyetola, who was represented at the forum by his Senior Special Assistant to the President on Marine and Blue Economy, Busayo Fakinlede, explained that the planned funding intervention would strengthen collaboration between federal and state governments, investors and development partners to increase domestic production and reduce reliance on imported fish.
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The minister said: “Fish is a pillar of food security, household nutrition and rural livelihoods. No nation can call itself food secure while it imports most of the fish it eats. 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.”
A statement signed by the Special Adviser to the Minister, Bolaji Akinola, indicated that the training had in attendance policymakers and technical officials, including commissioners from Rivers, Bayelsa, Delta and Cross River states, as well as permanent secretaries and directors responsible for fisheries and aquaculture across the country.
According to him, the training programme is designed to equip the participants with the technical and investment expertise required to develop bankable aquaculture projects, focusing on viable business models, risk management, environmental and social safeguards, and public-private partnerships.
The minister’s aide stated that under the proposed state-driven aquaculture development framework, each state was expected to identify priority value chains, assess its investment readiness, develop viable project pipelines and commit to measurable targets for increasing fish production.
He further disclosed that the ministry was also planning a federal-state engagement platform to coordinate the implementation of a national fish security strategy and translate the government’s ambition into measurable production and investment outcomes.
The minister commended the World Bank Group for its support for Nigeria’s marine and blue economy development, especially in its contributions to analytical studies, cluster-based development, capacity building and the Aquaculture Investment Guide.
Oyetola said he would also organize a post-training stakeholders’ roundtable to strengthen engagement with state governments and other stakeholders and establish implementation arrangements for the proposed initiative.
He listed some of the ministry’s recent initiatives included the inauguration of a Technical Committee on Accelerating Fish Production in August 2026, the digitization of fish import licensing and an increase in national fish production from 1.1 million to 1.4 million tonnes.
Similarly, the minister highlighted Nigeria’s attainment of certification for shrimp exports to the United States following compliance with Turtle Excluder Device requirements, as well as the development of the Fish City and Fish Terminal investment portfolio to attract private capital.
Available data indicated that Nigeria required approximately 3.6 million tonnes of fish annually but produces only about 1.4 million tonnes, leaving a supply gap exceeding 2.2 million tonnes that is usually bridged with imports that is estimated to be costing the country of about $1 billion in foreign exchange annually.
