Aquaculture for all

Nigerian Fish Production gets $60 million Boost

Sustainability Economics Politics +5 more

NIGERIA - A Memorandum of Understanding (MoU) between Oyo State Government and private firm Triton Aqua Africa Ltd will see $60 million injected into fish production.

Lucy Towers thumbnail

The State Commissioner for Natural Resources, Fatai Abimbola hinted that the project would be executed through the development of Asejire Dam as a centre for fisheries production, reports the DailyIndependent.

He said the project would comprise of tilapia and catfish production in cages in the water body and in ponds, stressing that it will also house a nursery for hatchery operations.

The Commissioner said: "The firm is in the process of finalising plans for a large scale hatchery for catfish as well as tilapia with an initial capacity of 10 million fingerlings per year, expandable to 25 million fingerlings per year.

"With the development of the immediate environment, the state will be leading in fish production in the South-West and the country at large," adding, "the project is very significant to the Ministry of Natural Resources and the state.

"It is the baby of the newly created ministry which was carved out of the former Ministry of Agriculture and Natural Resources under the present administration and it is in line with the intentions of the Ajimobi-led administration to bring development to every sector of the state economy.

"The project will generate at least 1,000 jobs for the teeming unemployed youths and more food for the people. Besides, it will increase the income coming to the coffers of the state and I think it is very significant to the Ministry of Natural Resources and the entire people of the state," Mr Abimbola said.

While assuring the investors of friendly operating environment before signing the MoU, Mr Abimbola urged the investors to adhere to the terms of the agreement by providing employment opportunity to the youths while also operating in line with best known practices.

In her welcome address,the Managing Director of Triton Aqua Africa Ltd, Oby Inuwa explained that the Asejire Dam project includes an initial capital outlay of around $3 million which will gradually be expanded.

"We are keen to undertake the aquaculture project across Nigeria and are willing to commit investment of around $60 million in the next five to seven years," she said.

Create an account now to keep reading

It'll only take a second and we'll take you right back to what you were reading. The best part? It's free.

Already have an account? Sign in here