Oyetola secures $200m World Bank support to boost fishing

The Minister of Marine and Blue Economy, Adegboyega Oyetola

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 support a renewed national drive to expand fisheries and aquaculture production across the country.

The funding, which will be made available to state governments as concessional loans, is expected to strengthen their capacity to develop and expand fisheries and aquaculture activities, unlock investment opportunities, boost domestic fish production and ultimately bridge Nigeria’s widening fish supply deficit.

Oyetola’s renewed push also places greater emphasis on collaboration between federal and state governments, investors and development partners to reduce the country’s dependence on imported fish and strengthen national food security.

The Minister’s position was conveyed by the Senior Special Assistant to the President on Marine and Blue Economy, Professor Busayo Fakinlede, who represented him at a high-level Executive Training on Aquaculture Investment Guide organised by the Federal

Ministry of Marine and Blue Economy in collaboration with the World Bank Group.

“We have secured a $200m commitment from the World Bank Group to support a renewed national drive to expand fisheries and aquaculture production across the country,” he said.

The training, held in Abuja, brought together key policymakers and technical officials, including commissioners from Rivers, Bayelsa, Delta and Cross River States, permanent secretaries and directors of fisheries and aquaculture from across the

federation.

“It was designed to equip state-level decision-makers with the expertise to translate investment opportunities into bankable aquaculture projects, with emphasis on viable business models, risk management, environmental and social safeguards, and

public-private partnerships,” Oyetola added.

Speaking through his representative, Oyetola said Nigeria’s ambition to achieve fish sufficiency could only become a reality through deliberate sub-national participation, stressing that states must assume greater responsibility for expanding domestic

production.

“Fish is a pillar of food security, household nutrition and rural livelihoods. No nation can call itself food secure while it imports most of the fish it eats. 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.

Nigeria requires approximately 3.6 million tonnes of fish annually but currently produces about 1.4 million tonnes, leaving a deficit exceeding 2.2 million tonnes. The shortfall is largely bridged through imports, which cost the country close to $1bn

annually in foreign exchange.

He said that to reverse the trend, the Ministry was pursuing a state-driven aquaculture development framework under which each state would identify priority value chains, assess investment readiness, develop bankable project pipelines and commit to

measurable contributions towards national fish production.

“The $200m World Bank support is expected to provide critical financing for states to implement these priorities, expand production capacity and accelerate the country’s journey towards fish sufficiency,” Oyetola explained.

He emphasised that the federal-state interface was also expected to provide a coordinated platform for an inclusive national fish security strategy, ensuring that the Federal Government’s ambition was translated into measurable production commitments and

investment outcomes at the sub-national level.

The Minister commended the World Bank Group for its strategic partnership and sustained support for Nigeria’s marine and blue economy development, particularly its contributions to analytical studies, cluster-based development, capacity building and the

Aquaculture Investment Guide.