Nigeria Secures $200 Million World Bank Loan for Fisheries

The Federal Government of Nigeria secured a $200 million financing commitment from the World Bank Group to expand national fisheries and aquaculture production. The funds will be distributed to state governments as concessional loans to develop bankable aquaculture projects, expand production capacity, and encourage private-sector participation.

Minister of Marine and Blue Economy Adegboyega Oyetola announced the initiative during an Executive Training on Aquaculture Investment Guide in Abuja. The program provides training on business models and risk management to policymakers from regions including Rivers, Bayelsa, Delta, and Cross River States. The strategy employs a state-driven framework to address a fish supply deficit of over 2.2 million tonnes, as Nigeria currently produces 1.4 million tonnes against an annual requirement of 3.6 million tonnes.

This production shortfall costs Nigeria nearly $1 billion in foreign exchange annually. While the ministry reported that national production has already risen from 1.1 million to 1.4 million tonnes due to the digitisation of import licensing and the creation of a Technical Committee on Accelerating Fish Production, official World Bank documents detailing repayment terms and disbursement timetables have not yet been made public.