From Allafrica · · 1m 50s
Nigeria Launches $200m Fish Production Drive
Nigeria's government secures $200m World Bank funding to boost domestic fish production and reduce import reliance.
In brief
Nigeria's government secures $200m World Bank funding to boost domestic fish production and reduce import reliance. Nigeria's federal government has secured $200 million from the World Bank to expand fish production and achieve food security by reducing imports. Originally reported by Allafrica.
Government Secures World Bank Funding
The federal government has intensified efforts to reposition Nigeria as a fish-sufficient nation, securing a $200 million commitment from the World Bank Group to support national drive to expand fisheries and aquaculture production across the…
Funding Targets Fish Deficit
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.
Import Costs and Deficit
The shortfall is largely bridged through imports, which cost the country close to US$1 billion annually in foreign exchange.
State-Driven Aquaculture Strategy
The ministry is pursuing a state-driven aquaculture development framework under which each state will identify priority value chains, assess investment readiness, develop bankable project pipelines and commit to measurable contributions towards national fish production.
World Bank Support Details
The US$200 million 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.
Minister's Commitment
Dr Adegboyega Oyetola disclosed this 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.
State Responsibility for Production
Oyetola stressed that states must assume greater responsibility for expanding domestic production, saying, 'Fish is a pillar of food security, household nutrition and rural livelihoods.
“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.”
Next Steps for Implementation
He also reaffirmed his commitment to translating the training into tangible investments, disclosing that he would oversee a post-training stakeholders' roundtable to deepen engagement with state governments and other critical actors.
In short
Nigeria's federal government has secured $200 million from the World Bank to expand fish production and achieve food security by reducing imports.
