Firm Invests $64 Million in Nigeria Aquaculture Industry

Triton Group of companies have invested $64million into the Nigeria Aquaculture industry in an effort to boost local production of tilapia and catfish in the country.

Triton Group, whose business strategy in the country had focused predominantly on the importation and distribution of frozen fish have diversified into the establishment of catfish and tilapia production in the country.

The initiative is in line with the new policy of the federal government, which mandates companies importing frozen fish into the country to demonstrate their commitment by investing in the fisheries value chain.  The Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina said the investment, which would span for a period of 5-7 years, would help to harness the fisheries potential in the country.

He noted that the contribution of the company to the Nigerian economy would generate 3,000 jobs, increase local fish production by 70,000mt, and the country would earn $85million in terms of foreign exchange.

Opportunities available through the investment include the exportation of tilapia and catfish to US, Europe among other countries. The minister explained that the exportation could be achieved by genetically improved brood stock and their feed production.

Another opportunity is the ECOWAS bilateral trade for import and export of Nigeria produced items to other countries and vice versa. He disclosed that to meet up with government mandate, the company had set up a pilot facility in catfish production, which involves the conversion of their cold room facility in Lagos state into a two-million capacity hatchery for the production of catfish fingerlings.

The minister assured the Triton Group of a strong institutional support, and the provision of policies that would encourage more investment in aquaculture including tax holidays, enhanced access to land and credit facilities.

The Chairman, Triton Group, Mr. Ashvin Samtani disclosed that the company has been operating in the country since 1995 and focused on sea food, poultry and aquaculture, adding that now, the investment aims at exporting catfish and tilapia to USA, Europe and other countries. He however requested for the concessional funding for their large-scale project, and duty free import for aquaculture equipment.