The Federal Government has identified Nigeria’s widening fish supply deficit as a major investment opportunity, calling on international financiers to support the expansion of aquaculture, fisheries and related value chains under its blue economy agenda.
Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, made the appeal on Thursday in Abuja while receiving a delegation from Citibank led by its Sub-Saharan Africa Banking Head, Akin Dawodu.
Oyetola said Nigeria currently produces about 1.4 million metric tonnes of fish annually, while domestic demand exceeds supply by approximately 1.83 million metric tonnes, creating significant opportunities for private investment.
He urged Citibank to finance projects in sustainable aquaculture, fish processing, cold-chain logistics and export-oriented production, describing the subsector as one of the country’s most promising non-oil investment frontiers.
According to the minister, the Federal Government is implementing reforms to unlock the full potential of Nigeria’s marine and blue economy and attract global capital into strategic sectors.
He said the country’s 853-kilometre coastline, more than 10,000 kilometres of inland waterways and 200-nautical-mile Exclusive Economic Zone provide a strong foundation for growth in fisheries, shipping, ports and maritime services.
Oyetola also highlighted ongoing investments in port infrastructure, disclosing that rehabilitation contracts have been awarded for the Eastern Ports of Port Harcourt, Warri and Calabar, while modernization continues at the Apapa and Tin Can Island ports.
He added that the government is facilitating the development of at least six deep seaports through Public-Private Partnership (PPP) arrangements to improve trade competitiveness and expand cargo-handling capacity.
The minister further noted that improved maritime security has enhanced investor confidence, saying the Deep Blue Project has kept Nigeria’s waters free from piracy for nearly four years.
He said the improved security record contributed to Nigeria’s election into Category C of the Council of the International Maritime Organization (IMO), while appealing for financial support to strengthen maritime surveillance and other security infrastructure.
Speaking during the meeting, Dawodu commended the ministry’s reform agenda and expressed Citibank’s willingness to explore investment opportunities across Nigeria’s marine and blue economy.
He also indicated the bank’s readiness to engage the Nigerian Maritime Administration and Safety Agency (NIMASA) on major maritime projects requiring long-term financing.
