FG gets $200m World Bank funding to boost fish production across states

The Federal Government has secured $200 million from the World Bank, which states can borrow on concessional terms to boost fish production and cut Nigeria’s $1 billion annual fish import bill.

The Federal Government has secured a $200 million commitment from the World Bank Group to boost fisheries and aquaculture production across Nigeria, The Guardian reports.

The funds will be available to state governments as concessional loans to expand production, unlock investment and reduce the country’s fish supply deficit.

Nigeria needs about 3.6 million tonnes of fish yearly but produces about 1.4 million tonnes, leaving a shortfall of over 2.2 million tonnes. Imports used to fill the gap cost the country close to $1 billion annually.

Minister of Marine and Blue Economy, Adegboyega Oyetola, represented by Prof. Busayo Fakinlede, spoke at an executive training on aquaculture investment in Abuja. He said fish sufficiency could only be achieved through deliberate participation by states, which must take greater responsibility for domestic production.

Under a state-driven framework, each state will identify priority value chains, develop bankable projects and commit to measurable contributions to national fish output.

Oyetola commended the World Bank for its support.