Nigeria is grappling with an annual fish supply deficit of over two million metric tonnes, as local production meets only 1.6 million out of the 3.6 million metric tonnes required yearly.

Acting National President of the Fisheries Cooperative Federation of Nigeria (FCFN), Mashi Gabriel Sani, disclosed this yesterday in Lagos during the third-quarter Citizens and Stakeholders Engagement of the Ministry of Marine and Blue Economy, themed “From Policy to Impact: Finance is Key.”

Sani warned that the shortfall is being met through costly imports, draining the country’s foreign exchange reserves and exporting much-needed jobs abroad.

“With a national demand of over 3.6 million metric tonnes of fish, our domestic production falls short by more than two million tonnes. This deficit is currently being met through costly imports,” Sani said.

He identified limited access to affordable credit, exorbitant commercial bank interest rates, and underdeveloped infrastructure as major bottlenecks hindering investment and expansion in the fisheries sector.

Sani called for the creation of a dedicated Fisheries and Aquaculture Development Fund with single-digit interest rates, managed by a reputable development finance institution, and repayment terms aligned with natural fishing and aquaculture cycles.

Permanent Secretary of the Ministry, Olufemi Oloruntola, stressed the need for private sector partnerships to strengthen institutions and develop public land, noting that current budget allocations are insufficient to modernise boats, secure waters, and grow the fishing industry.

Minister of Marine and Blue Economy, Adegboyega Oyetola, assured stakeholders that the government is committed to translating policy into tangible results, boosting maritime security, expanding ports, and increasing export capacity.