May 4, 2015

Triton to invest US$54 million in developing Nigerian aquaculture sector

In a five to seven-year period, about US$54 million will be invested into Nigeria's aquaculture production, as part of the government's food import substitution programme. The funds will be contributed by Triton Group, the country's fisheries conglomerate.

Despite an annual local output of 800,000 tonnes, Nigeria is still facing an uphill task of fulfilling the national fish demand of 2.1 million tonnes yearly, according to Akinwumi Adesina, Nigeria's Agriculture and Rural Development Minister.

"We saw an opportunity for commercial fish farming business in Nigeria. We are targeting a 25% annual reduction in fish importation into the country," Adesina said. "We have encouraged all fish importers to engage in fish farming… there is no better time to invest in Nigeria's fisheries sub-sector than now."

Furthermore, the minister encourages more foreign investments in the country's fisheries, aquaculture value chain and other activities in the agricultural value chain, with assurances of institutional support and friendly investment policies.

Triton expects to finance US$60 million for its major aquaculture investment.

The Group has a 70,000 tonnes fish investment capable of generating a yearly revenue of U$85 million in foreign exchange for Nigeria.

According to its CEO, Ashvin Samtani, Triton is one of the biggest aquaculture firms in Ghana, Thailand and India. It also exports tilapia and catfish to the US, Europe and other countries.

Source: www.fis.com