The Central
Bank of Nigeria (CBN) in partnership with Heritage Bank Limited has provided a
N2 billion long-term facility, under the Commercial
Agriculture Credit Scheme (CACS) to Triton
Aqua Africa Limited (TAAL).
The move was
part of efforts to support the real sector and unlock food and wealth creating
potentials in the nation’s agriculture sector. TAAL, also known as Triton Farm,
accessed the CACS through Heritage Bank to set up aquaculture businesses-
nursery/hatchery for the production of fingerlings and brood stock in Ikeja;
and earthen ponds for catfish and tilapia in Asejire, Iwo and Gambari towns in
Oyo State.
The company said its strategy is to embrace backward integration through production of fish locally and reduce its importation of frozen fish, as well as assist small scale farms by producing quality breed fingerlings.
The Minister
of State for Agriculture, Senator Heineken Lokpobiri, during a tour of Triton
Farms, commended the company, stating 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 that 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. He stressed that banks should now finance more agricultural projects
than trading, oil and gas, as the future is highly dependent on agriculture.
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 said.
The Group
Head, Agriculture Finance, Heritage Bank, Olugbenga
Awe, stated that that partnership between the bank and Triton Farm local
production will conserve scarce foreign exchange and enhance food security.
“Nigeria’s
current demand capacity for fish is estimated at 2.7million metric tons and the
country currently produces 800,000 metric tonnes. Triton is now producing
25,000 metric tons 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 tons 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 agriculture sector. According to him, the bank sees
agriculture as one of its heritage 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.
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