By Joyce Ekeh
The Federal Government has secured a $200 million World Bank-backed financing commitment to expand fish production across Nigeria, in a move aimed at reducing import dependence, strengthening food security and creating investment opportunities in the aquaculture industry.
The financing, which will be made available to state governments as concessional loans, is expected to support fisheries development, expand aquaculture capacity and attract private-sector investment into the sector.
Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this 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, represented by the Senior Special Assistant to the President on Marine and Blue Economy, Prof. Busayo Fakinlede, said the funding would enable states to develop commercially viable aquaculture projects and unlock their fisheries potential.
In a press statement issued by his Special Adviser, Bolaji Akinola, the minister said Nigeria must increase domestic fish production to address the widening gap between local supply and consumption.
“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,” he said.
He stressed that achieving the target would require active participation by state governments, investors and development partners.
Under the proposed financing framework, states are expected to identify priority aquaculture value chains, assess investment opportunities, develop bankable projects and commit to measurable contributions towards national fish production.
The minister said the training was designed to equip state policymakers and technical officials with the skills to translate investment opportunities into viable projects, with emphasis on business models, risk management, environmental safeguards and public-private partnerships.
He also announced plans for a stakeholders’ roundtable involving state governments, investors and development partners to establish implementation arrangements for the financing initiative.
Meanwhile, Fakinlede disclosed that Nigeria’s fish production had increased from 1.1 million tonnes to 1.4 million tonnes through interventions introduced by the ministry.
He listed the inauguration of the Technical Committee on Accelerating Fish Production in August 2026 and the digitisation of fish import licensing among measures aimed at strengthening the industry.
He further disclosed that Nigeria had secured shrimp-export certification following compliance with Turtle Excluder Device requirements.
The ministry, he added, had also developed the Fish City and Fish Terminal investment portfolio to attract private capital into fisheries infrastructure.
The $200 million financing commitment is expected to provide additional support for the government’s ambition to build a more productive aquaculture industry, reduce reliance on imported fish and strengthen Nigeria’s position in the regional seafood market.
