The Nigerian federal government has obtained a $200 million financing commitment from the World Bank Group to expand domestic fish production. According to Punch, the funds will be distributed to state governments as concessional loans to support the development of fisheries and aquaculture. AllAfrica reported that the initiative is designed to reduce Nigeria’s dependence on imported fish and strengthen the national aquaculture industry.
Minister of Marine and Blue Economy Adegboyega Oyetola announced the funding at a high-level executive training in Abuja. He was represented by Professor Busayo Fakinlede, who serves as the President’s senior special adviser on marine affairs. The training, organized in collaboration with the World Bank Group, brought together commissioners and technical officials from four southern states. The program focused on equipping state-level decision-makers with the skills to develop bankable aquaculture projects, emphasizing business models and public-private partnerships.
Punch noted that Nigeria currently produces approximately 1.4 million tonnes of fish annually against a requirement of 3.6 million tonnes. This leaves a deficit of over 2.2 million tonnes, which is largely covered by imports costing nearly $1 billion in foreign exchange each year. To address this, the ministry is pursuing a state-driven framework where each state identifies priority value chains and commits to measurable production contributions.
AllAfrica reported that the ministry has raised national output from 1.1 million tonnes to the current 1.4 million tonnes through recent sectoral interventions. These measures include the launch of a technical committee in August 2026 and the digitization of fish import licensing. Additionally, Nigeria recently gained approval for shrimp exports after meeting specific device requirements.
Oyetola stated that the federal-state interface would provide a coordinated platform for a national fish security strategy. He thanked the World Bank Group for its assistance in analytical studies and capacity building. The ministry also plans to convene a stakeholders' roundtable to establish implementation arrangements for the new financing initiative, aiming to make Nigeria self-reliant in fish supply in the long term.