Fish-sufficiency: FG Unveils $200m World Bank-backed Fish Production Drive

The federal government of Nigeria is taking significant steps to make the country self-sufficient in fish production, securing $200 million in funding from the World Bank Group. This financial commitment is aimed at expanding fisheries and aquaculture production across the nation, thereby reducing the country's dependence on imported fish and bolstering food security.

Dr. Adegboyega Oyetola, the Minister of Marine and Blue Economy, announced this initiative during an executive training session on aquaculture investment held in Abuja. The funds will be provided as concessional loans to state governments, enabling them to develop and scale up fisheries and aquaculture activities. The training was attended by key policymakers and technical officials from various states, including Rivers, Bayelsa, Delta, and Cross River.

The main objective of the training was to equip these decision-makers with the necessary skills to convert investment opportunities into viable aquaculture projects, focusing on robust business models, risk management, environmental and social safeguards, and public-private partnerships. Nigeria currently produces approximately 1.4 million tonnes of fish annually, falling short of the 3.6 million tonnes required, resulting in a significant deficit of over 2.2 million tonnes.

This deficit is largely filled by importing fish, which costs the country nearly US$1 billion annually. To address this issue, the government is implementing a state-driven aquaculture development framework, encouraging each state to identify priority value chains, assess investment readiness, create bankable project pipelines, and make measurable contributions to national fish production.

Additionally, the World Bank's support is expected to provide crucial funding for these state initiatives, ultimately accelerating Nigeria's journey towards achieving fish sufficiency.