Triton targets $50m investment in Nigeria’s aquaculture

Triton Aquaculture Limited, a subsidiary of Indian Triton Group, is targeting $50 million investments in the Nigerian aquaculture industry as part of effort to boost local production of Fish in the country.

According to the Federal Government, the investment is expected to cut down the country’s annual fish import bill by $7 million.

Audu Ogbeh, Minister of Agriculture during an interactive session with the company said the Federal Government is deepening opportunities in agriculture and would support every activity that would create platforms for youths to be absorbed into agribusiness.

Ogbeh said, “The federal government would be demanding a lot from you with regard to capacity building for our younger people and women, many of whom are prepared to deepen their knowledge in agribusiness. We would be relying on you to build capacity in aquaculture business”

Nigeria’s current demand for fish is put at 2.7 million metric tonnes, as the country produces only 800,000 metric tonnes, leaving a gap of 1.9 million metric tonnes.

Responding, Raju Samtani, the chief executive Officer, Triton, told the minister that within the next three to five years, the company would concentrate on capacity building for fish production, which according to him involves trainings.” I believe this is in line with the government thinking and objectives on aquaculture and fisheries, and poultry,” he said.

“We are buying fingerlings from farmers locally for catfish, and we are encouraging them to produce more, as we have built stronger ties with them and we will strengthen the network “he added.