Nigeria is seeking increased private-sector investment across its fisheries and aquaculture value chain as an annual fish supply deficit of more than 2.2 million metric tonnes leaves the country spending close to $1 billion on imports.
Minister of Marine and Blue Economy, Adegboyega Oyetola, made the call on Wednesday, November 11, 2026, at a high-level roundtable on Scaling Sustainable Catfish Value Chain Transformation in Abuja, where he urged investors, commercial banks and development finance institutions to take advantage of opportunities across the industry.
According to figures released by the Federal Ministry of Marine and Blue Economy, Nigeria requires approximately 3.6 million metric tonnes of fish annually but produces about 1.4 million tonnes from aquaculture and capture fisheries, leaving a shortfall of more than 2.2 million tonnes.
The government estimates that imports used to bridge the gap cost the country close to $1 billion annually in foreign exchange.
Oyetola described the production shortfall as both an economic and food security challenge, arguing that expanding domestic fish production would reduce import dependence, create employment and strengthen local businesses.
He noted that Nigeria already has a strong foundation for aquaculture development as Africa’s second-largest aquaculture producer and a leading producer of farmed African catfish.
However, the minister stressed that closing the supply gap would require more than establishing additional fish farms, calling for coordinated investment in infrastructure, production inputs, processing and distribution.
He identified commercial opportunities in modern hatcheries, quality fingerling production, fish feed manufacturing, equipment supply, transportation, cold-chain logistics and industrial processing.
Oyetola also highlighted high feed and energy costs, inadequate access to quality fingerlings, weak fish-health management, biosecurity challenges and post-harvest losses as major constraints limiting the industry’s growth.
On feed production, he acknowledged the work being undertaken through the Fisheries and Aquaculture for Africa, the Caribbean and the Pacific (FISH4ACP) programme to explore alternative ingredients, including black soldier fly larvae, as part of efforts to improve feed affordability and production efficiency.
The minister urged Nigerian banks and development finance institutions to develop financing arrangements that reflect the operational realities of aquaculture businesses.
He argued that conventional lending conditions often fail to account for fish-farming production cycles and cash-flow patterns, making it difficult for otherwise viable businesses to access affordable credit.
He called for loan disbursement schedules and repayment terms that correspond with production cycles, alongside stronger farmer cooperatives and aquaculture clusters that can facilitate shared infrastructure and reduce operating costs.
The roundtable was organised under FISH4ACP, an initiative of the Organisation of African, Caribbean and Pacific States, implemented by the Food and Agriculture Organisation of the United Nations (FAO), with funding from the European Union and the German Federal Ministry for Economic Cooperation and Development.
The programme supports the development of more productive, inclusive and sustainable fisheries and aquaculture value chains across 12 countries in Africa, the Caribbean and the Pacific, with Nigeria’s intervention focusing on the catfish industry.
The investment push comes as the Federal Government pursues a separate $200 million World Bank Group financing commitment to expand fisheries and aquaculture production through state governments.
Oyetola announced the commitment on November 8, 2026, explaining that the financing would be made available to states as concessional loans to develop fisheries and aquaculture projects, attract private investment and increase domestic production.
The government is also pursuing a state-driven aquaculture development framework under which states are expected to identify priority value chains, assess investment opportunities and develop bankable projects.
Other initiatives include the inauguration of a Technical Committee on Accelerating Fish Production in August 2026 and the digitisation of fish import licensing, which the ministry says is intended to improve regulatory oversight and strengthen the protection of local producers.
The success of these interventions will depend on their implementation, particularly the ability to attract private capital, improve access to affordable production inputs and expand the infrastructure needed to move fish from farms to consumers.
For Nigeria, closing the fish supply gap will require sustained investment beyond fish farming, with opportunities extending to feed manufacturing, storage, processing, transportation and financing across the entire value chain.
