The Federal Government has secured a $200 million commitment from the World Bank Group to support a renewed national drive to expand fisheries and aquaculture production across the country.
The funding, available to state governments as concessional loans, is expected to strengthen their capacity to develop and expand fisheries and aquaculture activities, unlock investment opportunities, boost domestic fish production, and ultimately bridge Nigeria’s widening fish supply deficit.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, renewed the push, placing greater emphasis on collaboration among federal and state governments, investors, and development partners to reduce the country’s dependence on imported fish and strengthen national food security.
The minister’s position was conveyed by the Senior Special Assistant to the President on Marine and Blue Economy, 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.
According to a statement signed yesterday by the Special Adviser to the Minister, Bolaji Akinola, the training, held in Abuja, 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.
