Business
FG Earmarks N4bn For Fish Farmers
The Federal Government has earmarked N4 billion for the financing of fishery projects in the country under the second phase of the ECOWAS-Fund Accelerated Fisheries Development Projects.
Under the arrangement, the federal government would contribute N2 billion while states and local governments would provide N1.85 billion.
The Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Mrs Ibukun Odusote stated this at the opening of a 2-day workshop on the project on Tuesday in Kaduna.
She said 16,000 jobs was expected to be created by each of the beneficiaries along the value chain.
She added that the Bank of Agriculture would manage the fund and disburse the loan to the beneficiaries.
Odusote said 50 per cent of the fund would be issued to youths groups as loan, 30 per cent to women while 20 per cent would be shared by other groups.
She said the development of the fisheries sub sector was part of the government’s transformation agenda, adding that it was meant to create employment, generate income, alleviate poverty and provide foreign exchange earnings.
“ It is estimated that over 10 million Nigerians are actively engaged in various fishing activities, which include artisanal capture, fishing operations, farming, processing, marketing, net fabricators and boat engine repairers and menders.
“ Fish contributes immensely to the enhancement of the nation’s health as it contains Omega III fatty acids that reduce the risk of cardiovascular diseases, hypertension and arteriosclerosis,“ Odusote said.
According to her, fisheries contribution to the national GDP is 5.4 per cent, while the estimated national fish demand is 2.66 million metric tones.
“ The annual domestic fish production in 2011 was 893, 099 metric tones showing a shortfall of about 1,766,901 metric tones.
“ Hence, increase in national fish production will not only diversify our resource base but will complement efforts aimed at achieving the 2015 MDGs targets,“ Odusote said.
She said the project was started in 1992 with a loan of US$4.54 million from ECOWAS-Fund designed to guarantee easy access formal credit to artisanal fishermen and women in some selected communities in Delta, Edo, Kebbi, Sokoto and Zamfara states.
She said the project was expanded in 2003 to include Kano, Kogi, Imo, Niger and Yobe states with the beneficiaries getting a loan of N150,000 to N250,000 at nine per cent interest rate.
The Permanent Secretary said more than 4,000 fish farmers had shared N136 million loan and repaid over N125 million, representing 66 per cent of the loan package.
Odusote appealed to the participants from the Northern zone to be proactive and ensure effective implementation of the funds through efficient monitoring and evaluation of the projects to achieve its targeted goal.
Earlier, the Director of Fisheries, Mr Evaristus Edet said the project had impacted significantly in the 11 states that benefited from the facility.
Edet said the project had been expanded to cover all states of the federation.
Our correspondent reports that the participants were drawn from the Bank of Agriculture, fish farms and fisheries department from the Northers States.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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