The Federal Government says it has secured a $200 million commitment from the World Bank Group to strengthen fisheries and aquaculture production across Nigeria.
Gatekeepers News reports that the funding, which will be provided to state governments as concessional loans, is expected to attract investment into the sector, increase domestic fish production and reduce the country’s growing dependence on fish imports.
Adegboyega Oyetola, minister of marine and blue economy, disclosed the commitment at an executive training on the aquaculture investment guide organised by the ministry in collaboration with the World Bank Group in Abuja.
According to a statement issued on Sunday by Bolaji Akinola, special adviser to the minister, the training brought together policymakers and technical officials, including commissioners from Rivers, Bayelsa, Delta and Cross River states, as well as permanent secretaries and directors of fisheries and aquaculture from across the country.
Oyetola, who was represented by Busayo Fakinlede, senior special assistant to the president on marine and blue economy, stressed the need for state governments to take greater responsibility for expanding domestic fish production.
“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.
Ministry plans state-driven aquaculture development framework
The minister said Nigeria’s annual fish demand stands at approximately 3.6 million tonnes, while domestic production is estimated at 1.4 million tonnes, leaving a supply deficit of more than 2.2 million tonnes.
He explained that the ministry was developing a state-driven aquaculture framework to enable states to identify priority value chains, assess their investment readiness, develop bankable projects and make measurable commitments towards increasing national fish production.
According to him, the $200 million World Bank financing would support states in implementing these priorities, expanding production capacity and advancing the country’s goal of achieving fish sufficiency.
Oyetola said the initiative would also establish a stronger working relationship between federal and state governments to coordinate efforts towards improving national fish security.
“A federal-state interface is also expected to provide a coordinated platform for an inclusive national fish security strategy, ensuring that the federal government’s ambition is translated into measurable production commitments and investment outcomes at the sub-national level,” he said.
The minister commended the World Bank for its support for Nigeria’s marine and blue economy development, particularly through analytical studies, cluster-based development, capacity building and the aquaculture investment guide.
He added that he would supervise a post-training stakeholders’ roundtable aimed at strengthening engagement with state governments and other relevant stakeholders, improving implementation arrangements and sustaining the momentum generated by the initiative.
