World Bank Commits $200m To Boost Nigeria’s Fish Production
World Bank Commits $200m To Boost Nigeria’s Fish Production
The World Bank Group has committed $200m to support the expansion of Nigeria’s fisheries and aquaculture industry as the Federal Government intensifies efforts to close an annual fish supply deficit of more than 2.2 million tonnes, reduce import dependence and strengthen domestic food production.
The proposed financing, which is expected to be made available to state governments through concessional loans, will support the development and expansion of fisheries and aquaculture projects, attract private sector investment and improve Nigeria’s capacity to meet growing domestic demand for fish.Buy Maps
The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed the development through the Senior Special Assistant to the President on Marine and Blue Economy, Professor Busayo Fakinlede, who represented him at an executive training on the Aquaculture Investment Guide organised by the Federal Ministry of Marine and Blue Economy in collaboration with the World Bank Group.
Nigeria currently requires approximately 3.6 million tonnes of fish annually but produces only about 1.4 million tonnes, leaving a supply shortfall exceeding 2.2 million tonnes.Buy Maps
The deficit is largely bridged through imports, which cost the country close to $1bn annually in foreign exchange, highlighting the economic implications of the country’s continued dependence on foreign fish supplies.
The World Bank commitment is therefore expected to provide financing support for state governments to expand domestic production, develop commercially viable aquaculture projects and improve the competitiveness of Nigeria’s fisheries value chain.Buy Maps
Oyetola said achieving national fish sufficiency would require stronger collaboration among federal and state governments, private investors and development partners, stressing that state governments must play a more active role in expanding domestic production.
According to him, the Federal Government is pursuing a state-driven aquaculture development framework under which individual states are expected to identify priority fisheries and aquaculture value chains, assess their investment readiness, develop bankable project pipelines and establish measurable production targets.
He explained that the $200 million World Bank commitment would provide critical financing for states to implement their development priorities, expand production capacity and accelerate Nigeria’s transition towards fish sufficiency.Buy Maps
The minister said the government was determined to increase local production, reduce import dependence and eventually position Nigeria as a net exporter of fish.
“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.
The proposed financing also forms part of broader efforts to attract investment into Nigeria’s blue economy, improve agricultural productivity, create employment opportunities and increase economic activities across fisheries-related businesses.
To strengthen implementation, the ministry is also planning a federal-state engagement platform that will coordinate production commitments, investment opportunities and the execution of a national fish security strategy.
The initiative is expected to provide a framework for translating the Federal Government’s fish production objectives into measurable investment outcomes at the state level.
The executive training brought together policymakers and technical officials, including commissioners from Rivers, Bayelsa, Delta and Cross River states, alongside permanent secretaries and directors responsible for fisheries and aquaculture across the country.
The programme was designed to equip state-level decision-makers with the technical and investment expertise required to develop bankable aquaculture projects.
Its areas of focus included viable business models, investment risk management, environmental and social safeguards, and public-private partnerships.
Oyetola also disclosed plans to convene a post-training stakeholders’ roundtable to deepen engagement with state governments, investors and other industry stakeholders, strengthen implementation arrangements and ensure that the investment opportunities identified during the programme translate into actual projects.
He commended the World Bank Group for its continued support for Nigeria’s marine and blue economy development, particularly its contributions to analytical studies, cluster-based development, capacity building and the preparation of the Aquaculture Investment Guide.
The minister said stronger partnerships between government institutions, development partners and private investors would be essential to addressing the structural challenges limiting the growth of the country’s fisheries industry.
Meanwhile, the Senior Special Assistant to the President on Marine and Blue Economy attributed recent developments in the sector to ongoing reforms and initiatives aimed at improving production, strengthening regulation and attracting private capital.
He identified the inauguration of the Technical Committee on Accelerating Fish Production in August 2026 as one of the measures introduced to develop strategies for increasing domestic fish output.
The ministry has also digitised fish import licensing as part of efforts to improve transparency, strengthen regulatory oversight and enhance the administration of fish imports.
In addition, Nigeria has secured certification to export shrimp to the United States following compliance with the requirements for Turtle Excluder Devices, opening opportunities for local operators to access international seafood markets.
The government is also developing investment portfolios for proposed Fish City and Fish Terminal projects as part of efforts to attract private sector financing into fisheries infrastructure and strengthen activities across the industry’s value chain.
National fish production has reportedly increased from 1.1 million tonnes to approximately 1.4 million tonnes, although the country still faces a substantial gap between domestic output and consumption requirements.
The $200m World Bank commitment is expected to provide additional impetus to these initiatives, particularly by strengthening the capacity of state governments to develop commercially sustainable fisheries and aquaculture projects.
