By Our Correspondent
Bayelsa, Rivers, Delta and other states across Nigeria are expected to benefit from a $200 million World Bank Group funding commitment secured by the Federal Government to boost fisheries and aquaculture production and reduce the country’s dependence on imported fish.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed that the funding would be made available to state governments as concessional loans to strengthen their capacity to expand fish farming, attract private investment and increase domestic fish production.
The initiative is part of the Federal Government’s renewed efforts to reposition Nigeria as a fish-sufficient nation, address the country’s growing fish supply deficit and strengthen national food security.
Oyetola’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 in Abuja.
The training brought together policymakers and technical officials, including commissioners from Bayelsa, Rivers, Delta and Cross River States, as well as permanent secretaries and directors responsible for fisheries and aquaculture across the federation.
According to the Minister, the training was designed to equip state-level decision-makers with the expertise required to transform investment opportunities into viable aquaculture projects.
He explained that the programme focused on sustainable business models, risk management, environmental and social safeguards, as well as public-private partnerships.
Oyetola stressed that achieving Nigeria’s fish sufficiency ambition would require deliberate collaboration between the Federal Government, state governments, private investors and development partners.
He noted that fish remained a critical component of food security, household nutrition and rural livelihoods, insisting that states must take greater responsibility for expanding domestic production.
The Minister said Nigeria currently requires approximately 3.6 million tonnes of fish annually but produces only about 1.4 million tonnes, leaving a supply gap of more than 2.2 million tonnes.
He added that the deficit was largely bridged through imports, which cost the country close to $1 billion annually in foreign exchange.
To address the challenge, the Ministry is pursuing a state-driven aquaculture development framework under which each state is expected to identify priority fisheries value chains, assess investment readiness, develop bankable projects and establish measurable production targets.
Oyetola explained that the $200 million World Bank commitment would provide critical financing for participating states to implement their development priorities, expand production capacity and accelerate Nigeria’s journey towards fish sufficiency.
He further noted that the collaboration between federal and state governments would provide a coordinated platform for implementing an inclusive national fish security strategy, with clearly defined production commitments and investment outcomes.
The Minister commended the World Bank Group for its continued partnership and support for Nigeria’s marine and blue economy development, particularly in the areas of research, cluster-based development, capacity building and investment promotion.
The initiative is expected to create opportunities for states with significant fisheries and aquaculture potential, particularly Bayelsa and other Niger Delta states, where extensive river networks, creeks, coastal waters and other aquatic resources provide opportunities for fish farming and related economic activities.
For Bayelsa, increased investment in aquaculture could support local fish farmers, create employment, stimulate small and medium-scale enterprises, improve household incomes and strengthen the state’s contribution to national food production.
However, the success of the programme will depend on effective implementation, access to financing, technical support, infrastructure development and the ability of participating states to attract credible private-sector investors.
The Federal Government’s latest initiative underscores its determination to reduce fish imports, conserve foreign exchange and harness Nigeria’s aquatic resources as a major driver of economic diversification and sustainable development.