The World Bank Group has committed $200m in loans to Nigeria to ramp up domestic fish production and cut a nearly $1 billion annual import bill, the country’s marine minister said.
Adegboyega Oyetola, minister of Marine and Blue Economy, through Busayo Fakinlede, his senior special assistant, told executives at a training on the Aquaculture Investment Guide organised by the ministry and the World Bank Group in Abuja that the ministry had secured a “$200 million commitment from the World Bank Group to support a renewed national drive to expand fisheries and aquaculture production across the country.”
The financing is expected to be made available to state governments to develop fisheries and aquaculture projects through public-private partnerships, according to the ministry. It has been chasing the deal since June this year, when it told stakeholders it was nearing a breakthrough.
Nigeria’s annual fish demand stands at approximately 3.6 million tonnes, against domestic production of 1.4 million tonnes, leaving a supply gap of more than 2.2 million tonnes that is largely met through imports from nations with a quarter of Nigeria’s maritime strength.
“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,” the minister said, adding that he would establish a federal-state platform to coordinate production commitments, investment opportunities and implementation of the national fish security strategy.
Commissioners and technical officials from Rivers, Bayelsa, Delta and Cross River states, alongside permanent secretaries and directors of fisheries and aquaculture from across the federation were present at the meeting.
Oyetola also disclosed plans to convene a post-training stakeholders’ roundtable to strengthen engagement with state governments and investors and establish implementation arrangements.
The ministry had established a Technical Committee on Accelerating Fish Production in August 2026 with an eight-week deadline to draw up a plan for increasing Nigeria’s fish production.
Fakinled said the ministry has digitised fish import licensing to strengthen the sector, secured certification to export shrimp to the United States through compliance with Turtle Excluder Device requirements, and is developing investment portfolios for Fish City and Fish Terminal projects to attract private capital into the fisheries value chain.
A timeline for the funds disbursement and projects execution was not stated. Concessional loans generally carry more favourable interest rates and repayment conditions than commercial borrowing.
Bethel Olujobi is the Trade Correspondent at BusinessDay. He brings scarce insight into Nigeria's maritime policies and the changing currents of global commerce defining the country's position in international trade. Before this, he reported on foreign relations, migration and sports for BusinessDay. He holds a Bachelor's degree in Mass Communication, and is an alumni of the CNN Academy and the Financial Times News School. He is certified by Reuters and Google. He is based in Lagos, Nigeria. For pitches, email: [email protected]