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Triton Group to Invest in Nigerian Aquaculture

Economics +1 more

NIGERIA - One of the largest importers of fish into Nigeria has pledged millions of dollars of investment in the country's aquaculture industry.

The Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, stated that Triton Group has committed to invest about $54 million over a period of five to seven years in Nigeria’s local aquaculture production, reports SunNewsOnline.

In the first year of investment, the firm will inject about $4.1 million focused on helping Nigeria harness its potential for fish production.

Dr Adesina said the group was one of the many that have chosen to invest in Nigeria’s agriculture, and is one of the largest aquaculture companies in Ghana, Thailand and India.

According to him, it is easy to see that the investment would benefit the entire fisheries and aquaculture value chain, leading to a steady growth in investments in the fisheries and aquaculture sub-sector.

“We are targeting a 25 per cent annual reduction in fish importation into the country. We have deliberately encouraged all fish importers to engage in fish farming.

"I can say with absolutely no fear of contradiction that there is no better time to invest in Nigeria’s fisheries sub-sector than now,” he stated.

The minister also said Triton is expected to expand its investment to cover a fish feed mill, and place emphasis on employment generation, training and capacity building for Nigerians, in addition to exploring the considerable opportunities existing in marine-culture.

He therefore urged more foreign investors like Triton Group to take advantage of prevailing opportunities in the Nigerian fisheries and aquaculture value chain, assuring them of better institutional support.

He mentioned that this support would include policies that will encourage more investments in aquaculture including tax holidays and enhanced access to land and credit facilities, among others.

The Chairman of Triton Group, Ashvin Samtani, stated that in the last four years there have been bold reforms that have been revolutionary for Nigeria’s agricultural sector, which has brought many rewards.