Nigeria launches US$135,000 aquaculture project to boost local fish production

NIGERIA – The Federal Government, in collaboration with the Food and Agriculture Organisation (FAO), has launched a N200 million (approximately US$135,000) aquaculture initiative aimed at supporting fish farmers across the country.

The initiative, inaugurated on June 4 at the Eriwe fish farming cluster in Odogbolu, Ogun State, marks the official start of the Scaling Fish Farming through Finance programme under the FISH4ACP project, aimed at closing Nigeria’s widening fish production gap and reducing dependence on imports.

The effort aims to boost local fish production by enhancing access to finance for smallholder fish farmers, many of whom have been forced out of business due to rising feed costs and limited funding.

Mr. Wellington Omoragbon, Director of Fisheries and Aquaculture at the Federal Ministry of Marine and Blue Economy, speaking through his representative, Mr. Paul Opuama, stated that the intervention will address one of the biggest challenges confronting fish farmers: access to input financing.

“We know that one of the major challenges confronting fish farmers is finance, especially the soaring prices of feeds. But with partnerships like this, we will be able to support our farmers and help bridge the fish production deficit,” he said.

With Nigeria’s vast inland water resources, Omoragbon expressed optimism that improved financing would unlock untapped potential in the aquaculture sector and promote the sustainability of the country’s fisheries resources. 

He also praised the FAO and other development partners for their continued support.

FAO Representative in Nigeria and West Africa, Mr. Koffy Kouacou, urged stakeholders to act swiftly to reduce the country’s heavy reliance on fish imports, which currently stands at about two million metric tonnes annually.

“We are supporting 40 pilots, and each farmer will receive between N2.5 million and N5 million (US$1,700–US$3,400) to boost their production,” Kouacou announced, adding that the European Union funds the initiative in collaboration with financial institutions and other partners.

He explained that the disbursements will total approximately N200 million and the funds are expected to help recipients expand their operations, adopt better technologies, and improve efficiency.

He emphasised that the goal of the project is not only to increase fish production but also to create viable business opportunities within the aquaculture value chain.

“It will enable farmers to access the required financing to scale up their fish farming businesses and help bridge the country’s fish production deficit,” Kouacou said.

Also present at the launch, Mr. Hugh Briggs, Programme Manager for Agriculture at the European Union Delegation to Nigeria, noted that the FISH4ACP project is currently being implemented in 12 countries, with Nigeria receiving the largest share of the funding due to the scale of its fish production needs.

As many catfish farmers exit the industry amid economic pressures, this government-backed financing scheme comes at a critical time to revive Nigeria’s aquaculture sector and reduce its dependence on costly fish imports.

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