World Bank Pledges $200m to Boost Nigeria’s Fish Production

News in Brief:

— Nigeria's Blue Economy Minister Adegboyega Oyetola has secured $200 million from the World Bank to expand fisheries and aquaculture production.

— The country produces about 1.4 million tonnes of fish annually against an estimated demand of 3.6 million tonnes, leaving a deficit and an import bill approaching $1bn annually.

Nigeria has secured a $200 million commitment from the World Bank Group to expand fisheries and aquaculture production as the Federal Government intensifies efforts to reduce fish imports and strengthen domestic food security.

The funding, which will be made available to state governments as concessional loans, is expected to support aquaculture investments, improve production capacity and develop commercially viable fisheries projects.

Nigeria Faces Large Fish Supply Gap

The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed the commitment through the Senior Special Assistant to the President on Marine and Blue Economy, Professor Busayo Fakinlede, at an Executive Training on Aquaculture Investment Guide organised by the ministry in collaboration with the World Bank in Abuja.

Nigeria requires 3.6 million tonnes of fish annually but produces only about 1.4 million tonnes, leaving a supply deficit of 2.2 million tonnes. Imports cover this shortfall, costing the country close to $1bn annually in foreign exchange.

Oyetola said the government was pursuing a state-driven aquaculture development framework to encourage each state to identify priority value chains, assess investment opportunities and develop bankable projects.