The Nigerian Federal Government, partnering with the Food and Agriculture Organization (FAO), has unveiled a robust N200 million financing scheme designed to accelerate aquaculture development and address the country’s persistent fish supply gap. This strategic move aims to expand local fish production and reduce Nigeria’s reliance on imported fish.
Introducing the Scaling Fish Farming through Finance Initiative
During the official launch held at the Eriwe fish farming cluster in Odogbolu, Ogun State, Mr. Wellington Omoragbon, Director of Fisheries and Aquaculture at the Federal Ministry of Marine and Blue Economy, emphasized the initiative’s goal to strengthen the sustainability and growth of Nigeria’s fisheries sector. Represented by Mr. Paul Opuama, Director II at the ministry, Omoragbon acknowledged the invaluable support from FAO and development partners who have committed to enhancing the country’s fish production capacity.
The project, known as the Scaling Fish Farming through Finance under the broader FISH4ACP framework, focuses on improving access to financial resources for fish farmers, enabling them to scale their operations effectively.
Overcoming Financing and Feed Cost Challenges
Omoragbon stressed that Nigeria, blessed with vast water bodies, holds enormous potential to increase fish output. Nevertheless, he pointed out that limited access to affordable finance and the escalating cost of fish feed remain significant barriers for farmers.
“Finance remains the biggest obstacle for fish farmers, compounded by the sharp rise in feed prices. Nonetheless, collaborations like this provide vital support that will help close the fish production deficit,” he stated firmly.
FAO Advocates for Ending Nigeria’s Dependence on Fish Imports
Echoing this urgency, Mr. Koffy Kouacou, FAO’s representative for Nigeria and West Africa, called for immediate efforts to reduce the country’s annual fish importation, currently at about two million metric tonnes. He noted that this initiative, funded primarily by the European Union alongside other development agencies, prioritizes increasing local fish production by easing farmers’ access to financial capital.
Pilot Scheme to Empower 40 Fish Farmers with Financial Support
The initial phase of the program will directly benefit 40 fish farmers across Nigeria. Each selected farmer will receive between N2.5 million and N5 million, totaling approximately N200 million. This financial injection will empower these farmers to expand their fish farming ventures, increase yields, and enhance their business sustainability.
“We are providing financial support to 40 fish farmers, with individual allocations ranging from N2.5 million to N5 million, to scale their operations and boost productivity,” Kouacou explained.
The scheme aims not only to raise local fish production but also to foster entrepreneurship within the aquaculture sector and significantly reduce the country’s dependence on imported fish.
Coordinated Efforts Among Government and Financial Institutions
The launch event brought together stakeholders from Ogun State government, the Federal Government, and partner financial institutions to facilitate the smooth implementation of the financing scheme. This collaboration ensures that fish farmers gain access to the necessary capital to grow their businesses and contribute to national food security.
European Union’s Role and Global Reach of the FISH4ACP Program
Mr. Hugh Briggs, Agriculture Programme Manager at the European Union Delegation to Nigeria, highlighted that the FISH4ACP initiative operates across 12 countries worldwide, with Nigeria receiving the largest share of the funds. This reflects Nigeria’s strategic importance in regional food security and economic development.
By injecting N200 million into local aquaculture, the initiative intends to boost production, create jobs, and provide sustainable livelihoods for fish farmers. Furthermore, this program is expected to reduce Nigeria’s heavy reliance on imported fish, which drains valuable foreign exchange reserves.
Conclusion: Toward a Sustainable Aquaculture Future
This groundbreaking financial support scheme exemplifies a clear commitment by the Nigerian government, FAO, and international partners to strengthen the aquaculture industry. Through improved access to capital, capacity building, and strategic partnerships, the initiative aims to transform Nigeria’s fish farming landscape. Ultimately, it will ensure that local fish production meets domestic demand, supports rural economies, and contributes to the country’s broader economic growth.
