RismadarVoice Reporters
November 8, 2026
The Federal Government has disclosed that Nigeria faces an annual fish supply deficit of approximately 2.2 million tonnes, announcing a $200 million World Bank-backed financing initiative to boost domestic production and reduce dependence on imports.
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, disclosed this in a statement issued on Sunday through his Special Adviser, Dr Bolaji Akinola.
According to the ministry, Nigeria requires approximately 3.6 million tonnes of fish annually but produces only 1.4 million tonnes, leaving a substantial gap largely covered through imports.
The government estimates that fish imports cost the country nearly $1 billion annually in foreign exchange.
Speaking through the Senior Special Assistant to the President on Marine and Blue Economy, Professor Busayo Fakinlede, at an aquaculture investment training programme in Abuja, Oyetola stressed the need to strengthen local production.
He said Nigeria’s ambition was to produce more fish, reduce imports and eventually become a net exporter.
The minister explained that the $200 million financing commitment from the World Bank Group would support fisheries and aquaculture development through concessional loans to participating state governments.
Under the proposed framework, states will identify priority fisheries value chains, develop commercially viable investment projects and establish measurable production targets.
The initiative is also expected to encourage private-sector participation, create employment opportunities and strengthen food security.
The training programme, organised by the ministry in collaboration with the World Bank Group, brought together commissioners from Rivers, Bayelsa, Delta and Cross River states, alongside fisheries officials from across Nigeria.
Participants received guidance on investment planning, risk management, environmental safeguards and public-private partnerships.
Oyetola said the Federal Government would convene a stakeholders’ roundtable to strengthen coordination among state governments, investors and development partners.
He also highlighted recent initiatives, including the establishment of the Technical Committee on Accelerating Fish Production in August 2026 and the digitisation of fish import licensing.
According to the ministry, national fish production has increased from 1.1 million tonnes to 1.4 million tonnes, representing growth of approximately 27.3 per cent.
Other developments include Nigeria’s attainment of United States shrimp-export certification and the development of Fish City and Fish Terminal investment proposals.
The minister maintained that stronger cooperation between federal and state governments would be necessary to close the supply gap.
However, the government has not announced a timetable for disbursing the proposed $200 million financing or implementing the individual projects.
