Aquaculture farm gets N2bn loan from Heritage Bank, CBN

Heritage Bank Plc, in collaboration with the Central Bank of Nigeria (CBN), has provided N2 billion long-term facility under the Commercial Agriculture Credit Scheme (CACS) for an aquaculture farm.

Triton Aqua Africa Ltd (TAAL), better known as Triton Farm, accessed the CACS through Heritage Bank, which was used 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’s strategy is to embrace backward integration through production of fish locally and reduce its importation of frozen fish and as well to assist small scale farms by producing quality breed fingerlings.

Speaking during a tour of Triton Farms, Heineken Lokpobiri, minister of state for agriculture, commended the firm, stating that the financial support of CBN and Heritage Bank to the company’s achievement is very fundamental as investment in food security is probably the most profitable venture anyone could think of.

He said that Nigeria has a deficit of over 2million 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 further urged banks to finance more of agricultural projects than trading, oil and gas etc., as the future is highly dependent on agriculture.

Olugbenga Awe, the group head, Agric Finance of Heritage Bank, said the partnership between the bank and Triton Farm local production would 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 tons,” he said.

“Triton is now producing 25,000 metric tons and with them on board, about 25,000 metric tons capacity will be added to our current production, the company’s projection is to reach 100,000 metric tons in 5years.”

Awe stressed that Heritage Bank’s support for small scale enterprises is well-known and most of these SMEs play in the agric sector.

Ashvin Samtani, chairman of Triton Group,  said the 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.