Oyetola: FG seeking funding from World Bank to support fish farmers, curb imports

Adegboyega Oyetola, the minister of marine and blue economy, says the federal government will end Nigeria’s dependence on fish importation and boost local production.

Oyetola spoke on Wednesday during a consultative meeting with fisheries cooperative groups in Abuja.

He said the government is committed to transforming aquaculture into a key driver of food security, employment generation, and export competitiveness.

The minister said Nigeria must chart a new path toward self-sufficiency in fish production.

“The federal government is fully committed to supporting the fisheries and aquaculture subsector through policy, technical support, and financial inclusion,” Oyetola said.

“We will scale up domestic fish production, reduce dependency on imports, and reposition the sector for sustainable growth.”

He said youth participation in aquaculture is vital for food production and also a strategic avenue to address unemployment.

The minister said multiple initiatives are already underway to empower young people and women in the sector.

He assured stakeholders that the ministry was actively engaging local and international partners to address industry challenges.

Oyetola also disclosed that the ministry is in talks with the World Bank to secure financial support for fish farmers in collaboration with the Nigerian Agricultural Insurance Corporation (NAIC) to provide affordable insurance coverage.

“We are also in talks with the Federal Ministry of Water Resources to replicate the successful aquaculture model at the Oyan Dam across other regions,” he added.

Also speaking, Olufemi Oloruntola, permanent secretary of the ministry, reiterated the government’s readiness to form strong partnerships with cooperative societies to drive inclusive sectoral growth.

FISHERIES COOPERATIVE PROPOSES N75BN PLAN TO BOOST PRODUCTION

In his remarks, Mashi Sani, president of the Fisheries Cooperative Federation of Nigeria (FCFN), proposed a sustainable livelihoods and fish food security initiative (SLESI) to enhance livelihoods across the fisheries value chain.

He said the initiative, with a proposed three-year budget of N75 billion, could create one million sustainable jobs, reduce post-harvest losses by 50 percent, and boost national fish production by 35 percent.

Sani said Nigeria’s fisheries sector was crucial to food security, income generation, and nutrition, especially for rural communities.

However, he said the sector still faces significant challenges such as overfishing, inadequate infrastructure, limited access to finance, and weak extension services.

The president urged the ministry to adopt and fund the SLESI in collaboration with the FCFN, and called for urgent government action to address issues including poor transportation systems, market linkages, and technical support.