A $200 million World Bank Group loan commitment to Nigeria is expected to support fisheries and aquaculture projects developed by state governments, Marine and Blue Economy Minister Adegboyega Oyetola said, BusinessDay reported.
Oyetola put Nigeria’s annual fish import bill at nearly $1 billion. “Our ambition is to produce more, import less and, in time, become a net exporter. That ambition can be achieved only when every state plays its part,” he said.
The financing effort follows earlier ministry work. BusinessDay said officials had pursued an agreement since June 2026. In August, the ministry established a technical committee and gave it eight weeks to prepare a plan to increase fish production.
Senior Special Assistant Busayo Fakinlede said the ministry had digitized fish import licensing and secured certification for shrimp exports to the United States after meeting Turtle Excluder Device requirements. The ministry is preparing investment proposals for its Fish City and Fish Terminal projects to bring private investors into the fisheries value chain, BusinessDay reported.
The ministry expects the financing to be made available to state governments for fisheries and aquaculture projects pursued through public-private partnerships, BusinessDay reported. No disbursement or project-execution timetable was stated, and the report did not specify loan terms.
Oyetola said he would create a forum bringing federal and state officials together to align production targets and investment prospects. He also plans a follow-up roundtable with state governments and investors to settle implementation arrangements, though no date was given.
Oyetola’s remarks were delivered by Fakinlede during a training session in Abuja on the Aquaculture Investment Guide, organized by the ministry and the World Bank Group. BusinessDay reported that fisheries and aquaculture officials from across Nigeria attended, including commissioners and technical staff representing Rivers, Bayelsa, Delta and Cross River.
