The Federal Ministry of Marine and Blue Economy has urged investors and financial institutions to tap into Nigeria’s catfish industry.
The ministry described the country’s fish production deficit as a major investment opportunity that could drive economic growth, food security and job creation.
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, made the call in a statement made available to reporters on Wednesday in Lagos.
The statement followed a High-Level Roundtable on Scaling Sustainable Catfish Value Chain Transformation, organised under the Fisheries and Aquaculture for Africa, the Caribbean and the Pacific (FISH4ACP) programme.
Oyetola said Nigeria’s annual fish requirement was approximately 3.6 million metric tonnes, while domestic production from all sources was about 1.4 million tonnes.
He said the gap presented a significant opportunity for local aquaculture operators and prospective investors.
“Expanding domestic fish production is an economic and food security imperative. It offers an opportunity to strengthen domestic food supply, reduce dependence on fish imports, stimulate enterprise development and create sustainable livelihoods across the country,” he said.
The minister noted that Nigeria was Africa’s second-largest aquaculture producer and a leading producer of farmed African catfish.
He said the sector’s potential extended beyond fish farming to hatcheries, feed mills, equipment manufacturing, transportation, processing, cold-chain services and trading.
“Investment in aquaculture has a multiplier effect, creating opportunities and value across several interconnected sectors of the economy,” he said.
Oyetola said closing the production gap would require more than establishing additional fish farms, stressing the need for coordinated investment across the entire value chain.
He identified access to quality fingerlings, affordable feed, appropriate financing, effective fish health management, reliable markets and modern infrastructure as essential to the industry’s sustainable expansion.
Highlighting FISH4ACP’s contributions, the minister commended the Food and Agriculture Organization (FAO), the European Union and the German Government for supporting Nigeria’s catfish value chain.
He said the programme had identified critical industry constraints and demonstrated practical interventions, including alternative feed ingredients such as black soldier fly larvae, as well as improved hatchery management, broodstock, business development and digital farm management.
On access to finance, Oyetola urged lenders to develop credit arrangements that reflected the realities of fish farming.
“The timing of disbursement, repayment schedules and cost of credit must reflect the production cycle and cash-flow patterns of fish farming enterprises. Viable businesses should not be constrained by unsuitable financing arrangements,” he said.
The minister identified high feed and energy costs, inconsistent supplies of quality fingerlings, inadequate fish health management, weak biosecurity and insufficient processing capacity as major challenges facing the industry.
He described these constraints as investment opportunities, particularly in feed manufacturing, modern hatcheries, processing facilities, cold-chain infrastructure and improved logistics.
Oyetola assured investors of the Federal Government’s commitment to creating an enabling environment through stronger coordination with state governments, regulatory institutions and private-sector operators.
He also pledged deeper engagement with development finance institutions to promote affordable financing, better sector data, research, quality assurance and technical support.
Oyetola advocated establishing aquaculture clusters and cooperative arrangements to reduce operating costs, provide shared infrastructure and improve access to services.
He called for the deliberate inclusion of women and young people, particularly in small and medium-sized enterprises, in the industry’s expansion, adding that economic growth must go hand in hand with environmental sustainability.
FISH4ACP is an initiative of the Organisation of African, Caribbean and Pacific States (OACPS). It is implemented by FAO with funding from the European Union and the German Federal Ministry for Economic Cooperation and Development.
The programme supports more productive, inclusive and sustainable fisheries and aquaculture value chains in 12 countries across Africa, the Caribbean and the Pacific.
In Nigeria, its interventions target the catfish value chain through improved farming practices, access to finance, better farm management, technology adoption and stronger collaboration among industry stakeholders.
