Oyetola secures $200m World Bank support to boost fishing
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has intensified efforts to reposition Nigeria as a fish-sufficient nation, securing a $200m commitment from the World Bank Group to… Read More: https://punchng.com/oyetola-secures-200m-world-bank-support-to-boost-fishing/
Minister of Marine and Blue Economy, Adegboyega Oyetola, has secured a $200 million commitment from the World Bank Group to bolster Nigeria's fisheries and aquaculture sector. The funding, provided as concessional loans to state governments, aims to expand domestic fish production and bridge Nigeria's significant fish supply deficit.
With Nigeria needing approximately 3.6 million tonnes of fish annually but currently producing only 1.4 million tonnes, the $200 million World Bank support is expected to play a crucial role in achieving fish sufficiency and ensuring food security. The funding will be allocated to support the development of viable aquaculture projects, risk management, and public-private partnerships.
The World Bank Group's strategic partnership and support for Nigeria's marine and blue economy development were also commended.
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