Nigerian government plans financing and insurance tools to scale up fish production

NIGERIA – The Nigerian government is moving to revitalize aquaculture by improving access to credit and developing an insurance system for fish producers.

This was announced following a stakeholder meeting on Wednesday, July 16, in Abuja, bringing together the Ministry of Marine Resources and Blue Economy and representatives from several fish farming groups.

The session included members of the Federation of Fisheries Cooperatives of Nigeria (FCFN), the Tilapia Aquaculture Developers Association of Nigeria (TADAN), and the Catfish Farmers Association of Nigeria (CAFAN).

According to a statement published on the ministry’s website, discussions are currently ongoing with the World Bank to secure funding that will be made available to aquaculture operators across the country.

At the same time, the ministry is working with the Nigerian Agricultural Insurance Corporation (NAIC) to design a sector-wide insurance scheme that will be accessible to fish farmers.

These measures come in response to a steady decline in aquaculture production over the years, which has raised concerns about the sustainability of the industry.

Figures from the Food and Agriculture Organization (FAO) show that Nigeria’s aquaculture production dropped from a high of 316,727 tonnes in 2015 to 259,106 tonnes in 2022, representing an annual average decrease of 2.8%.

In this context, authorities say they want to attract new investors and revive interest among local players who have faced persistent challenges in the sector.

Path to self-sufficiency

The latest proposals are part of a broader plan aimed at strengthening domestic fish production and reducing the country’s reliance on imports.

In addition to financial instruments, the ministry says it is looking to implement programs that support the inclusion of young people and women in the aquaculture value chain.

This will include start-up capital grants and training opportunities, alongside improved coordination between ministries to ensure better policy support and technical assistance.

Speaking at the meeting, Minister Adegboyega Oyetola said the country must shift toward increased local production and reduce fish imports over time.

Despite the renewed government attention, aquaculture still only contributes around 25% of Nigeria’s total fish output, which stood at nearly 1.04 million tonnes in 2022.

Meanwhile, the country imported approximately 833,000 tonnes of fish annually between 2022 and 2024, according to FAO estimates, highlighting the scale of the supply gap.

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