April 20, 2007

Sri Lanka consortium invests US$200 million in shrimp farms in Nigeria

Sulalanka Nigeria Ltd said plans to lead a consortium of Sri Lankan firms to invest US$200 million in the nation's aquaculture shrimp farms have been finalised.

The farms are to be located in the southwestern part of the country.

According to the company's Managing Director /CEO Upali Karaunaratna, the investment would provide an opportunity for the country to sell branded shrimp to international markets.

Farmers in the programme would be trained and assisted in setting up their farms. The company would purchase the produce during harvest.

The company would also fund the costs of running the farm from stocking to maturity.

A portion of the farmers would be provided with water recycling ponds powered by solar energy and backed with generator sets and gas to minimise the impact on the environment. Each rearing cycle would last about 3 months, Karaunaratna said, allowing farmers to have several turnovers a year, he added.

He said that the project would alleviate poverty, provide jobs and help stem the flow of rural migrants to the city.

The ponds would be adopted to have a maximum of 3 particle per thousand (3PPT), of saline water to enhance productivity.

As water is recycled, there would be no impact on the ground as there would be no water discharged.