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| Aquaculture Projects |
The Central Bank of
Nigeria (CBN) in collaboration with Heritage Bank PLC has provided a N2
billion long term facility to aquaculture businesses under the
Commercial Agriculture Credit Scheme (CACS), to Triton Aqua Africa Ltd
(TAAL). This is in furtherance of efforts to support the real sector and unlock food potentials.
TAAL, known as
Triton Farm, accessed the CACS through Heritage Bank, which it used to
set up aquaculture businesses; nursery/hatchery for the production of
fingerlings and brood stock in Ikeja, Lagos State, and earthen ponds for
catfish and tilapia in Asejire, Iwo and Gambari towns in Oyo State.
The company
disclosed that its strategy is to embrace backward integration through
production of fish locally and reducing importation of frozen fish as
well as assisting small scale farms by producing quality breed
fingerlings.
The minister of
state for agriculture, Senator Heineken Lokpobiri, who visited the farm,
commended the management for the initiative and pointed out that the
CBN and Heritage Banks' financial support to the company's achievement
is very fundamental as investment in food security is probably the most
profitable venture anyone could think of.
He, however, said
Nigeria has a deficit of over two million metric tonnes of poultry
produce and over three million metric tonnes deficit in fish farming
products, adding that the agro-production deficits show huge investment
potential in the sector.
The minister emphasized the need for banks to finance more agricultural projects than
trading, oil and gas etc., as the future is highly dependent on
agriculture.
The group head,
Agric Finance of Heritage Bank, Olugbenga Awe, stated that the
partnership between the bank and Triton Farm's local production will
conserve scarce foreign exchange and enhance food security.
"Nigeria's current
demand capacity for fish is estimated at 2.7 million metric tonnes and
the country currently produces 800,000 metric tonnes. Triton is now
producing 25,000 metric tonnes and with them on board, about 25,000
metric tonnes capacity will be added to our current production, the
company's projection is to reach 100,000 metric tonnes in five years,"
he said.
Awe stressed that
Heritage Bank's support for small scale enterprises is well known and
"most of these SMEs play in the agric sector."
According to him,
the bank sees agriculture as one of the programmes that can empower
individuals and communities in terms of creating wealth from the soil
and through the entire value-chain, using value addition and
industrialisation.
He further
disclosed: "We have supported large corporates such as Triton in
expanding their capacity and boosting import substitution, we have also
supported exporters that export commodities or processed goods which
ultimately conserve scarce FX and enhance our balance of trade.
"We are also
focused on small holder farmers as we currently support thousands of
farmers in Kaduna and Zamfara States in rice and soybeans production
under the Anchor Borrowers Programme. We are also targeting the youth
that are interested in agriculture through our partnership with CBN on
Youth Innovative Entrepreneurship Development Programme."
In his remarks, the
chairman, Triton Group, Ashvin Samtani, said the farm was fully
integrated in aquaculture, poultry and crop production and is a platform
to create employment for teeming youth.
"Triton Farm is
designed to train youth in agriculture and create employment, as well as
generate wealth. This is the only farm in the whole region that is
fully integrated in aquaculture, poultry and crop production," he
affirmed.
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