Nigeria secures World Bank loan to expand domestic fish production

The Nigerian federal government secured a $200 million financing commitment from the World Bank to expand aquaculture and increase domestic fish production.

Marine and Blue Economy Minister Adegboyega Oyetola announced the funding during a training event in Abuja. The government plans to provide the money to state governments as concessional loans. These funds aim to increase production capacity, reduce the country's reliance on fish imports, and attract private investment into the fisheries sector.

To access the financing, state governments must identify priority aquaculture value chains and develop projects that can attract funding. They are also required to set measurable production targets to help increase the national output. The ministry intends to hold a stakeholders meeting after the training to discuss how to implement these arrangements. Prof. Busayo Fakinlede stated that recent government interventions helped increase Nigeria's annual fish production from 1.1 million tonnes to 1.4 million tonnes.

Other measures include the creation of a technical committee to accelerate production by August 2026 and the use of digital processing for fish import licences. The ministry also developed proposals for a Fish City and a Fish Terminal to encourage private sector involvement.