ABUJA: Nigeria is importing an estimated 1.9 million metric tonnes of fish worth over N125 billion yearly.
The Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, who spoke while meeting the management of Triton Group in Abuja, said the huge budget on fish importation is not sustainable.
With a national fish demand of about 2.1 million metric tonnes per annum and a domestic production estimated at about 800,000 metric, he said the nation has a shortfall of about 1.30 million metric tonnes.
To reverse this, Adesina said the government has evolved a plan which will ensure growth both in artisanal and industrial capture fisheries as well as in aquaculture. To facilitate investment and expansion in the sector, he said the government provides an array of across-the-board investment incentives, such as tax holidays, waivers of customs duties, export tax allowances, and unrestricted repatriation of capital, dividends and profits as well as additional incentives above.
He hoped that there will emerge a new cadre of local investors, who will jump at the opportunities to create wealth from the production and trade of fish through aquaculture which there is significant and growing demand.
With marine fish stock declining, he said the government has to look at aquaculture to substitute traditional seafood sources and as a source of foreign exchange for the country.
Adesina said The Triton Group has committed $60 million in an extensive aquaculture investment after successfully adding aquaculture to its fish importation business in Nigeria. This is a direct result of the government’s food import substitution policy.
The minister said the company’s efforts will create 70,000 metric tonnes yearly as well as 3000 direct jobs.
According to him, the company’s contribution will save the nation $85 million yearly.
Chairman, Ashvin Samtaru, said Triton Group owns a two-million catfish fingerling capacity hatchery in Ikeja, Lagos State, from where it sourced the stock for the Iwo project.
Santani said about $65 million was being planned for investment in catfish and tilapia production in the next five years to complement efforts of the government to grow local fisheries sector and create more job opportunities.
He said the plan was to establish fish farms for both tilapia and catfish in different parts of the country. For this reason, various state governments were approached to partner with the company to grow fish, provide jobs and boost the economy.
