A major aquaculture project in Nigeria has attracted more than NGN 14 billion (USD 13.2 million, EUR 12.6 million) in investments from public and private sources.
The Central Bank of Nigeria and Nigeria’s Heritage Bank have agreed to a long-term loan for Triton Aqua Africa Limited (TAAL), which will use the funding to build out its aquaculture facilities in the most populous African country, according to AllAfrica.com.
Triton’s build-out will include a hatchery for the production of fingerlings and brood stock in Ikeja and ponds for catfish and tilapia in Asejire, Gambari and Iwo, AllAfrica.com reported. The company hopes to produce 100,000 metric tons of seafood after the five-year build-out is complete.
Heritage Bank Agriculture Finance Head Olugbenga Awe told the news site that Nigeria’s current seafood production stands at 800,000 metric tons, while its demand is estimated at 2.7 million metric tons. Awe said the investment would help shore up Nigeria’s food security.
According Awe, the company will fully integrate poultry and crop production into its build out to maximize utilization of resources and production capabilities of the farms.
