The Federal Government has secured a $200 million World Bank-backed financing commitment to be channeled into state-led fisheries and aquaculture projects, as the government seeks to narrow a fish-supply gap that has left the country reliant on imports costing nearly $1 billion a year.
Marine and Blue Economy Minister Adegboyega Oyetola said the funds, to be provided to states as concessional loans, are intended to expand domestic production, attract private investment and reduce pressure on Nigeria’s foreign-exchange reserves.
Nigeria consumes an estimated 3.6 million metric tons of fish annually but produces about 1.4 million tons, leaving a shortfall of more than 2.2 million tons.
Domestic output meets only about 39% of demand, with imports filling much of the remainder.
The government says the import bill is close to $1 billion annually, underscoring the foreign-exchange cost of the country’s dependence on overseas supply.
Under the proposed framework, participating states will identify priority fisheries value chains, assess investment opportunities and develop bankable projects with measurable production targets.
The financing is expected to support public-private partnerships and unlock private-sector participation in aquaculture.
Oyetola said the initiative is designed to strengthen food security, create jobs and raise household incomes, while positioning Nigeria to eventually reduce imports and become a net fish exporter.
“No nation can call itself food secure while it imports most of the fish it eats,” he said.
The announcement was made at an Executive Training on Aquaculture Investment Guide in Abuja, organized by the Ministry of Marine and Blue Economy with the World Bank Group.
The programme brought together commissioners, permanent secretaries and fisheries officials, including representatives from Rivers, Bayelsa, Delta and Cross River states.
Participants received training in investment planning, risk management, environmental safeguards and public-private partnership structures – areas the ministry views as essential to converting financing into commercially viable projects.
The government has not disclosed a disbursement schedule or the terms of the loans, and the success of the program will depend on states producing investment-ready projects and attracting private capital.
Oyetola said the ministry plans to convene a post-training stakeholders’ roundtable to improve coordination and secure commitments from state governments.
National fish production has risen from 1.1 million metric tons to 1.4 million metric tons, an increase of roughly 27.3%, according to the minister.
He attributed the gain to measures including the creation of a Technical Committee on Accelerating Fish Production in August 2026, digitization of fish-import licensing, U.S. shrimp-export certification and development of the Fish City and Fish Terminal investment portfolio.
“Through strategic collaboration, contributive support and shared commitment, we will close the fish deficit, create jobs, raise household incomes and secure Nigeria’s place as a fish-sufficient nation,” Oyetola said.
