POLITICAL Economy

Governor Oyetola Secures $200 Million Funding for Fisheries Growth

by admin on | 2026-11-11 13:55:11

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Governor Oyetola Secures $200 Million Funding for Fisheries Growth

By Muhammad Bala Imam

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has secured a $200 million World Bank-backed funding commitment to boost fisheries and aquaculture production across Nigeria as part of efforts to achieve national fish sufficiency.

The funding, which will be made available to state governments as concessional loans, is expected to strengthen domestic fish production, attract investments and reduce the country's dependence on imported fish.

Oyetola's renewed push was conveyed by the Senior Special Assistant to the President on Marine and Blue Economy, Prof. Busayo Fakinlede, who represented the minister 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 Rivers, Bayelsa, Delta and Cross River states, permanent secretaries and directors of fisheries and aquaculture from across the country.

Speaking through his representative, Oyetola stressed that achieving fish sufficiency required stronger collaboration between the Federal Government and state governments, urging states to take 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 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.

The shortfall is largely bridged through imports, which cost the country close to $1 billion annually in foreign exchange.

To address the deficit, the minister said the Ministry was pursuing a state-driven aquaculture development framework under which states would identify priority value chains, assess investment opportunities, develop bankable projects and establish measurable production targets.

The $200 million World Bank-backed financing is expected to support states in implementing these plans, expanding production capacity and creating investment opportunities across the fisheries and aquaculture value chains.

The initiative will also provide a platform for closer cooperation between federal and state governments to ensure that the country's fish security objectives translate into concrete production commitments and investment outcomes.

Oyetola commended the World Bank Group for its partnership and continued support for Nigeria's marine and blue economy development, particularly in analytical studies, cluster-based development, capacity building and the Aquaculture Investment Guide.

He also pledged to sustain the momentum generated by the training through a post-training stakeholders' roundtable aimed at strengthening engagement with state governments, investors and other relevant stakeholders.

Earlier, Fakinlede attributed the Ministry's progress in the fisheries sector to Oyetola's leadership, highlighting the inauguration of the Technical Committee on Accelerating Fish Production in August 2026 and the digitisation of fish import licensing.

He disclosed that national fish production had increased from 1.1 million tonnes to 1.4 million tonnes under the ongoing efforts to strengthen the sector.

Fakinlede also cited Nigeria's attainment of shrimp-export certification through compliance with Turtle Excluder Device requirements, as well as the development of the Fish City and Fish Terminal investment portfolio to attract private-sector investment.

He expressed optimism that sustained collaboration among governments, investors and development partners would help close the country's fish supply deficit, create employment and improve household incomes.

“Through strategic collaboration, contributive support and shared commitment, we will close the fish deficit, create jobs, raise household incomes and secure Nigeria's place as a fish-sufficient nation,” he said.