Nigeria is grappling with a fish production deficit of more than two million metric tonnes. This is even as stakeholders in the fisheries sector are calling for the creation of a dedicated development fund and the issuance of Blue Bonds to boost growth, cut imports, and secure food self-sufficiency.
Speaking at the 3rd Citizens and Stakeholders engagement organized by the Ministry of Marine and Blue Economy themed “From Policy to Impact: Finance is Key.” in Lagos last week, the Acting National President of the Fisheries Cooperative Federation of Nigeria (FCFN), Mashi Gabriel Sani lamented that despite Nigeria’s annual demand of 3.6 million metric tonnes of fish, domestic production falls short by more than two million metric tonnes, leaving the country dependent on costly imports that drain foreign exchange and export local jobs.
According to him, the country’s fishers and aquaculture farmers, who form the backbone of the sector, remain hampered by limited access to affordable credit, high interest rates, inadequate insurance coverage and poor infrastructure. Sani warned that without deliberate and strategic financing mechanisms, the objectives of the National Policy on Marine and Blue Economy risk remaining unrealized.
Sani explained that Nigeria must take bold steps to establish a dedicated Fisheries and Aquaculture Development Fund with single-digit interest rates and repayment terms aligned with natural production cycles. He further stressed the need to strengthen cooperative financing models to de-risk lending and ensure grassroots inclusion, while also embracing public-private partnerships and blended finance models supported by government guarantees to attract private equity and venture capital into the sector.
He pointed to the potential of Nigerian Blue Bonds, citing examples from Seychelles and Kenya, which could help raise capital for transformative projects such as hatcheries, feed mills and processing hubs.
Beyond this, the FCFN head urged the country to actively seek funding from international donors and development finance institutions including the World Bank, IFAD, AfDB and the Green Climate Fund. He added that insurance and risk-sharing mechanisms must also be developed in partnership with NAIC and private providers to protect farmers and boost investor confidence.
“Our fishers and aquaculture farmers are the bedrock of this sector, yet they face persistent challenges such as limited access to affordable credit, high interest rates, inadequate insurance coverage, and poor infrastructure. Without deliberate and strategic financing mechanisms, the objectives of the National Policy on Marine and Blue Economy risk remaining unrealized” Sani said.
Also speaking, a local boat builder and fishing expert, Mr. Christopher Ajayi commended the Federal Government’s efforts in improving maritime security, noting that piracy on Nigerian waters has drastically reduced. According to him, the development has restored confidence among vessel operators and reduced risks associated with maritime trade.
While lauding the progress in security, Ajayi emphasised the need for critical attention to Nigeria’s fisheries sector. He noted that countries like Seychelles, despite their small size, have become major exporters of key commodities, arguing that Nigeria possesses the capacity to surpass such achievements.
He lamented Nigeria’s heavy dependence on fish importation, pointing out that the country spends over $1 billion annually importing fish, despite having vast water resources and a long coastline. “We are a littoral country with over 830km of coastline, rivers and lagoons. Why then do we continue to import fish?” Ajayi asked.
“In the past, there was a large chunk of funds involved in securing our vessels. But today, our waterways are safe and piracy is near zero. Now, you can put your vessels in the sea and come back safely. One of the things our organisation has been doing in the last five to seven years is training over 200 boat builders. Acquiring vessels costs a lot, but building fishing vessels locally, especially fibre vessels suitable for our waters, is not rocket science. Encouraging enterprises to invest in this sector will be highly profitable,” he explained.
On his part, Chieftain of Lagos State Crayfish Cooperation, Mr. Ben Mosan raised concerns about regulatory bottlenecks in fisheries management. He accused multiple agencies of creating overlapping controls over fishermen, which has led to double registration demands, conflicts, and unnecessary financial burdens on fishing communities.
“This has also resulted in poor enforcement of fisheries law. Responsibilities that should be centralised under the Marine and Blue Economy Ministry are being duplicated, causing confusion and inefficiency,” Mosan stated.
