Get Guardian on GoogleThe Federal Government has secured a $200 million commitment from the World Bank Group to support a renewed national drive to expand fisheries and aquaculture production across the country.
The funding, available to state governments as concessional loans, is expected to strengthen their capacity to develop and expand fisheries and aquaculture activities, unlock investment opportunities, boost domestic fish production, and ultimately bridge Nigeria’s widening fish supply deficit.
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, renewed the push, placing greater emphasis on collaboration among federal and state governments, investors, and development partners to reduce the country’s dependence on imported fish and strengthen national food security.
The minister’s position was conveyed by the Senior Special Assistant to the President on Marine and Blue Economy, Prof. 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 yesterday by the Special Adviser to the Minister, Dr Bolaji Akinola, the training, held in Abuja, was designed to equip state-level decision makers with the expertise to translate investment opportunities into bankable aquaculture projects, with emphasis on viable business models, risk management, environmental and social safeguards, and public-private partnerships.
Speaking through his representative, Oyetola said Nigeria’s ambition to achieve fish sufficiency could only become a reality through deliberate sub-national participation, stressing that states must assume greater responsibility for expanding domestic production.
igeria requires approximately 3.6 million tonnes of fish yearly but currently produces about 1.4 million tonnes, leaving a deficit exceeding 2.2 million tonnes.
The shortfall is largely bridged through imports, which cost the country close to US$1 billion yearly in foreign exchange.
To reverse the trend, the Ministry of Marine and Blue Economy is pursuing a state-driven aquaculture development framework under which each state will identify priority value chains, assess investment readiness, develop bankable project pipelines and commit to measurable contributions towards national fish production.
Oyetola said the $200 million World Bank support is expected to provide critical financing for states to implement these priorities, expand production capacity and accelerate the country’s journey towards fish sufficiency.
The minister commended the World Bank Group for its strategic partnership and sustained support for Nigeria’s marine and blue economy development, particularly its contributions to analytical studies, cluster-based development, capacity building and the Aquaculture Investment Guide.
He also reaffirmed his commitment to translating the training into tangible investments, disclosing that he would oversee a post-training stakeholders’ roundtable to deepen engagement with state governments and other critical actors, strengthen implementation arrangements and sustain the momentum generated by the initiative.
