Nigeria cites $200 million World Bank fish commitment

Nigeria’s Ministry of Marine and Blue Economy says the World Bank Group has committed $200 million to support state-led fisheries and aquaculture projects, with the financing expected to reach state governments as concessional loans. The ministry announced the commitment at an aquaculture investment training in Abuja on November 8, but the supplied reporting includes no World Bank project document confirming the financing or its terms.

Minister Adegboyega Oyetola’s announcement was conveyed by his representative, Senior Special Assistant to the President on Marine and Blue Economy Busayo Fakinlede, at the training organised by the ministry with the World Bank Group. The ministry says the loans are intended to help states expand production capacity, develop priority projects and attract private investment. It has not published the programme carrying the commitment, loan terms, state allocations or a disbursement schedule.

The ministry says Nigeria requires about 3.6 million tonnes of fish annually and produces about 1.4 million tonnes, leaving a deficit exceeding 2.2 million tonnes. It estimates that imports used to cover much of the shortfall cost close to $1 billion a year in...