Nigeria secures $200 million for aquaculture
By the AFREEQUE newsroom, based on Leadership
Nigerian Minister of Marine and Blue Economy Adegboyega Oyetola has secured $200 million in World Bank-backed funding to develop local fish production. The concessional loans are intended to reduce annual imports, estimated at nearly $1 billion, according to the Nigerian Ministry of Marine and Blue Economy.
Nigeria has secured a $200 million World Bank-backed funding commitment to develop its domestic fish production and reduce its annual import bill, close to $1 billion, according to Leadership. The funds will be made available to states as concessional loans to support investment in fisheries and aquaculture.
Nigerian Minister of Marine and Blue Economy Adegboyega Oyetola called for greater participation by state governments and private investors. His message was delivered in Abuja by his special adviser to the presidency on Marine and Blue Economy, Professor Busayo Fakinlede, during training on aquaculture investment organised with the World Bank Group.
Nigeria consumes about 3.6 million tonnes of fish a year against domestic production of about 1.4 million tonnes, leaving a deficit of more than 2.2 million tonnes. According to Leadership, imports cover a large part of this shortfall and cost nearly $1 billion a year in foreign exchange. The government also wants to use aquaculture development to create jobs and strengthen food security.
