The Minister of Marine and Blue Economy, Adegboyega Oyetola, has secured a $200 million World Bank funding commitment aimed at strengthening Nigeria’s fisheries industry and expanding aquaculture development.
The funding is expected to support efforts to improve fish production, strengthen the country’s blue economy and reduce dependence on imported fish products.
The initiative is also expected to provide support for fish farmers, improve access to modern production techniques and encourage private sector investment in the fisheries value chain.
Nigeria’s fisheries sector remains an important source of food, employment and income for millions of people, particularly those involved in fishing, fish processing, distribution and aquaculture.
Expanding aquaculture is considered an important strategy for increasing domestic fish supply, meeting growing consumer demand and creating opportunities for small and medium-scale businesses.
The proposed World Bank support is expected to strengthen the government’s efforts to address challenges affecting the sector, including inadequate infrastructure, limited access to finance, high production costs and insufficient modern processing facilities.
The development forms part of the Federal Government’s broader efforts to maximise the economic potential of Nigeria’s marine and inland water resources.
However, further details regarding the funding’s approval status, disbursement schedule, implementation framework and specific beneficiaries are required to establish how the $200 million facility will be deployed.
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