Oyetola Secures $200m World Bank Funding To Tackle $1bn Fish Import Bill

The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has secured a $200 million World Bank-backed funding commitment to boost domestic fish production and reduce Nigeria’s annual fish import bill of nearly $1 billion.

The funding, which will be made available to state governments as concessional loans, is expected to strengthen investment in fisheries and aquaculture, expand local production capacity and bridge the country’s widening fish supply deficit.

Oyetola’s initiative is also aimed at reducing Nigeria’s dependence on imported fish, conserving foreign exchange, creating jobs and strengthening national food security through increased participation of state governments and private investors.

The Minister’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 Rivers, Bayelsa, Delta and Cross River States, permanent secretaries and directors of fisheries and aquaculture from across the federation.

It was designed to equip state-level decision-makers with the expertise to translate investment opportunities into bankable aquaculture projects, with emphasis on viable business models, risk management, environmental and social safeguards, and public-private partnerships.

Speaking through his representative, Oyetola said Nigeria’s ambition to achieve fish sufficiency could only be realised through deliberate participation by state governments, stressing that states must 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 requires approximately 3.6 million tonnes of fish annually but produces about 1.4 million tonnes, leaving a supply deficit 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, underscoring the need to expand domestic production and reduce pressure on the nation’s external reserves.

To address the deficit, the Ministry is pursuing a state-driven aquaculture development framework under which each state is expected to identify priority value chains, assess investment readiness, develop bankable project pipelines and commit to measurable contributions towards national fish production.

The $200 million World Bank-backed support is expected to provide critical financing for states to implement these priorities, expand production capacity and accelerate Nigeria’s drive towards fish sufficiency.

A Federal-State interface will also provide a coordinated platform for an inclusive national fish security strategy, ensuring that the Federal Government’s ambition is translated into measurable production commitments and investment outcomes at the sub-national level.

The Minister commended the World Bank Group for its strategic partnership and sustained support for Nigeria’s marine and blue economy development, particularly its contributions to analytical studies, cluster-based development, capacity building and the Aquaculture Investment Guide.

He 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, strengthen implementation arrangements and sustain the momentum generated by the initiative.

Earlier, Fakinlede attributed the Ministry’s progress to Oyetola’s leadership, citing the inauguration of the Technical Committee on Accelerating Fish Production in August 2026, the digitisation of fish import licensing and the increase in national fish production from 1.1 million tonnes to 1.4 million tonnes.

He also highlighted Nigeria’s attainment of United States 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 capital.

“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 added.