FG Secures $200M Loan From World Bank To Boost Fish Production in Nigeria
- FG secured a $200 million World Bank-backed financing commitment to expand aquaculture across the country
- Marine and Blue Economy Minister Adegboyega Oyetola announced the funding at a World Bank-organised training event in Abuja
- States will be required to identify aquaculture value chains and set measurable production targets to access the concessional loans
PAY ATTENTION: Find it fast with our new search feature at Legit.ng!
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The federal government has secured a $200 million financing commitment backed by the World Bank to increase domestic fish production and reduce the country's dependence on imports.
The funds will be extended to state governments as concessional loans to support aquaculture projects, expand production capacity and attract private investment into the fisheries industry.
Source: Getty Images
Marine and Blue Economy Minister Adegboyega Oyetola announced the commitment at an executive training on the Aquaculture Investment Guide, organised by his ministry in partnership with the World Bank Group in Abuja, Punch reports.
He was represented by Prof. Busayo Fakinlede, the Senior Special Assistant to the President on Marine and Blue Economy.
In a statement issued by the minister's Special Adviser, Bolaji Akinola, Oyetola said the government was seeking stronger partnerships with state governments, investors and development agencies to increase local fish supply.
"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"
He said Nigeria's longer-term ambition was to raise domestic production, reduce imports and eventually become a net exporter of fish, the Sun reports.
States to prepare aquaculture projects
States seeking access to the financing will be expected to identify priority aquaculture value chains, evaluate investment opportunities and develop projects that can attract funding.
They must also establish measurable production targets as part of efforts to increase national output.
The Abuja training is intended to help state officials assess commercial opportunities, understand financial and operational risks, meet environmental requirements and develop public-private partnerships.
Oyetola said the ministry would organise a stakeholders' meeting after the training to discuss implementation arrangements and strengthen cooperation among governments, investors and development partners.
Nigeria's fish production rises to 1.4 million tonnes
Fakinlede said government interventions had increased Nigeria's annual fish production from 1.1 million tonnes to 1.4 million tonnes.
Source: UGC
He identified the establishment of the Technical Committee on Accelerating Fish Production in August 2026 and the introduction of digital processing for fish import licences as some of the measures taken to improve the industry.
He also disclosed that Nigeria had obtained certification to export shrimp after meeting requirements relating to Turtle Excluder Devices, which prevent sea turtles from being caught in fishing nets.
The ministry has also developed investment proposals for a Fish City and Fish Terminal to attract private-sector funding into the fisheries and aquaculture industry.
Nigerian fish farmer discovers special albino catfish
Earlier, Legit.ng reported that a Nigerian lady who is a fish farmer discovered that one of her fish looked different from the rest.
She posted a video of the special catfish to show her followers the colour, which made it stand out from its peers.
The fish, which is now known as the albino fish, was found in Mamijo Farms, a catfish-rearing facility.
Source: Legit.ng
