The Federal Government has secured a US$200 million commitment from the World Bank Group to accelerate fisheries and aquaculture development, as Nigeria intensifies efforts to bridge its fish supply deficit and achieve national fish sufficiency.
The funding, to be made available to state governments as concessional loans, is expected to strengthen investment in fisheries and aquaculture, expand domestic production, create employment opportunities and reduce the country’s dependence on imported fish.
The initiative is being driven by the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, as part of renewed efforts to strengthen food security and position Nigeria as a major fish-producing nation.
The Minister’s position was conveyed by the Senior Special Assistant to the President on Marine and Blue Economy, Professor Busayo Fakinlede, who represented him at a high-level Executive Training on Aquaculture Investment Guide organised by the Federal Ministry of Marine and Blue Economy in collaboration with the World Bank Group in Abuja.
The training brought together 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.
Senior Special Assistant to the President on Marine and Blue Economy, Professor Busayo Fakinlede (right), represented the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, Director of Fisheries& Aquaculture, Federal Ministry of Marine& Blue Economy, Mr Usman Garba (left), at a executive training on the Aquaculture Investment Guide, organised by the Ministry of Marine and Blue Economy in collaboration with the World Bank Group in Abuja.
It was designed to equip state-level decision-makers with the technical and investment expertise required to develop bankable aquaculture projects, with emphasis on viable business models, risk management, environmental and social safeguards, and public-private partnerships.
Speaking through his representative, Oyetola stressed that achieving national fish sufficiency would require stronger collaboration between federal and state governments, noting that sub-national participation remained critical to expanding domestic production.
“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,” he said.
Nigeria currently requires approximately 3.6 million tonnes of fish annually but produces only about 1.4 million tonnes, leaving a supply gap of more than 2.2 million tonnes. The shortfall is largely covered through imports, which cost the country close to US$1 billion annually in foreign exchange.
To address the deficit, the Ministry is pursuing a state-driven aquaculture development framework under which each state is expected to identify priority value chains, assess investment readiness, develop bankable projects and establish measurable production targets.
The US$200 million World Bank commitment is expected to provide critical financing for participating states to expand production capacity, attract private-sector investment and accelerate Nigeria’s drive towards fish sufficiency.
A Federal-State interface will also provide a coordinated platform for implementing an inclusive national fish security strategy, ensuring that policy objectives translate into measurable production targets and investment outcomes.
The Minister commended the World Bank Group for its continued partnership and support for Nigeria’s marine and blue economy development, particularly in analytical studies, cluster-based development, capacity building and the preparation of the Aquaculture Investment Guide.
Oyetola further reaffirmed his commitment to translating the training into tangible investments, disclosing plans to convene a post-training stakeholders’ roundtable to strengthen engagement with state governments and other critical industry players.
Also speaking, Fakinlede attributed the Ministry’s progress to Oyetola’s leadership, highlighting the inauguration of the Technical Committee on Accelerating Fish Production in August 2026, the digitisation of fish import licensing and the increase in national fish production from 1.1 million to 1.4 million tonnes.
He further cited Nigeria’s attainment of US shrimp-export certification following compliance with Turtle Excluder Device requirements, alongside the development of the Fish City and Fish Terminal investment portfolio to attract private-sector capital.
Fakinlede expressed confidence that sustained collaboration and investment in the fisheries and aquaculture value chains would help close the national fish supply gap, create jobs, improve household incomes and strengthen Nigeria’s position in the global seafood market.
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