World Bank commits $200m to boost Nigeria’s fish production

The federal government says it secured a $200 million commitment from the World Bank Group to expand fisheries and aquaculture production across the country.

The funding, which will be made available to state governments as concessional loans, is expected to unlock investment opportunities, boost domestic fish production and ultimately bridge Nigeria’s widening fish supply deficit.

The financial commitment was disclosed by Adegboyega Oyetola, minister of marine and blue economy, at an executive training on the aquaculture investment guide organised by the ministry in collaboration with the World Bank Group in Abuja.

According to a statement on Sunday from Bolaji Akinola, his special adviser, the training brought together key policymakers and technical officials, including commissioners from Rivers, Bayelsa, Delta and Cross River states, permanent secretaries and directors of fisheries and aquaculture from across the federation.

Oyetola, who was represented by Busayo Fakinlede, senior special assistant to the president on marine and blue economy, said state governments must play a greater role in increasing domestic fish production.

“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,” he said.

According to the statement, Nigeria requires approximately 3.6 million tonnes of fish annually but produces about 1.4 million tonnes, leaving a supply gap of more than 2.2 million tonnes.

Oyetola said the ministry is pursuing a state-driven aquaculture development framework under which states would identify priority value chains, assess investment readiness, develop bankable projects, and commit to measurable contributions to national fish production.

He said the $200 million World Bank commitment would provide financing for states to implement these priorities, expand production capacity, and move the country towards fish sufficiency.

“A federal-state interface is also expected to provide a coordinated platform for an inclusive national fish security strategy, ensuring that the federal government’s ambition is translated into measurable production commitments and investment outcomes at the sub-national level,” the minister was quoted as saying.

He commended the World Bank for supporting Nigeria’s marine and blue economy development through analytical studies, cluster-based development, capacity building, and the aquaculture investment guide.

Oyetola also said he would oversee a post-training stakeholders’ roundtable to strengthen engagement with state governments and other stakeholders, improve implementation arrangements, and sustain the momentum generated by the initiative.