The Federal Government has secured a $200 million commitment from the World Bank Group to support the development of fisheries and aquaculture across Nigeria, as the country intensifies efforts to increase domestic fish production and reduce dependence on imports.
The funding, which will be made available to state governments through concessional loans, is expected to strengthen investment in aquaculture, expand production capacity and unlock opportunities across Nigeria’s marine and inland fisheries value chains.
The initiative is also aimed at addressing the country’s fish supply deficit, improving food security and creating economic opportunities for investors, fish farmers and other participants in the fisheries industry.
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, reiterated the government’s commitment to developing the sector, emphasising the need for stronger collaboration among federal and state governments, private investors and development partners.
His 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.
According to a statement signed by the Minister’s Special Adviser, Dr. Bolaji Akinola, the training was held in Abuja to equip state-level decision-makers with the knowledge required to translate investment opportunities into commercially viable aquaculture projects.
The programme focused on investment planning, viable business models, risk management, environmental and social safeguards, as well as public-private partnerships.
The World Bank-backed commitment is expected to provide states with access to financing that can support the development of fish farms, improve production infrastructure and encourage private-sector participation in the industry.
Aquaculture remains an important component of Nigeria’s strategy to address domestic fish demand, particularly as the country seeks to reduce the pressure of fish imports on foreign exchange and strengthen local food production.
Expanding the sector could also generate employment across fish farming, feed production, processing, cold-chain logistics, transportation and distribution.
However, unlocking the full potential of the financing will require effective project implementation, access to quality fish feed and fingerlings, reliable power supply, modern processing facilities and improved market access.
The emphasis on bankable projects is particularly important in ensuring that the financing translates into productive investments rather than projects that struggle with commercial sustainability.
With greater coordination between government institutions and private investors, the initiative is expected to strengthen Nigeria’s aquaculture industry and support the broader development objectives of the Federal Ministry of Marine and Blue Economy.
