• Nigeria to boost aquaculture via new financing and insurance plans backed by World Bank and NAIC

• Strategy targets food security, youth/women inclusion, and sector reform

• Aquaculture covers only 25% of fish needs; imports average 833,000 tons/year

Nigeria plans to accelerate aquaculture production by focusing on access to financing and creating a dedicated insurance scheme for producers. This initiative was the outcome of a meeting held on Wednesday, July 16, in Abuja, between the Ministry of Marine and Blue Economy and key sector stakeholders. These included the Federation of Fisheries Cooperatives of Nigeria (FCFN), the Tilapia Aquaculture Developers Association of Nigeria (TADAN), and the Catfish Farmers Association of Nigeria (CAFAN).

In a statement published on its website, the ministry noted that discussions are underway with the World Bank to mobilize financial support for fish farmers. Simultaneously, the ministry is working with the Nigerian Agricultural Insurance Corporation (NAIC) to develop an insurance scheme accessible to all participants in the sector.

While no further details were disclosed regarding these initiatives, the government’s stated ambition is clear: to reignite interest among local operators and attract more investment to aquaculture, which has declined in recent years.

Data compiled by the Food and Agriculture Organization (FAO) shows that Nigeria’s aquaculture production has decreased by an average of 2.8% per year. It fell from a peak of 316,727 metric tons in 2015 to 259,106 metric tons in 2022.

Self-Sufficiency as the Goal

This new direction launched by Abuja is part of a broader strategy aimed at making aquaculture a pillar of food security and self-sufficiency in fish products.

Beyond the two identified financial levers, the Ministry of Marine Resources also plans measures to promote the inclusion of youth and women. This includes start-up grants and empowerment programs, as well as strengthening inter-ministerial cooperation to support the local industry through policy actions and appropriate technical assistance.

“Nigeria must chart a new course towards self-sufficiency in fish production. We will scale up domestic fish production, reduce dependency on imports, and reposition the sector for sustainable growth. This meeting is not the end, it is the beginning of a sustained and transformative dialogue,” stated Adegboyega Oyetola, Minister of Marine Resources.

While these announcements have yet to translate into tangible results, the path to self-sufficiency in fish products remains long. Aquaculture accounts for only a quarter of Nigeria’s total fish catches, estimated at nearly 1.04 million metric tons in 2022. This indicates that most of the supply still comes from traditional fishing.

Furthermore, Africa’s most populous country imported about 833,000 metric tons of fish products annually between 2022 and 2024 to cover its production shortfall, according to the FAO.

Stéphanas Assocle