In a bid to further support the real
sector and unlock the nation’s food potential, Heritage Bank Plc in
collaboration with the Central Bank of Nigeria has provided a N2 billion
long term facility, under the Commercial Agriculture Credit Scheme, to
Triton Aqua Africa Limited.
TAAL, known as Triton Farm accessed the
CACS through Heritage Bank, which will be used to set up aquaculture
businesses, including nursery/hatchery for the production of fingerlings
and brood stock in Ikeja, and earthen ponds for catfish and tilapia in
Asejire and Gambari in Oyo State as well as in Iwo, Osun State.
The company’s strategy is to embrace
backward integration through production of fish locally to reduce
importation of frozen fish and assist small scale farms by producing
quality breed fingerlings.
According to a statement by TAAL, the
Minister of State for Agriculture, Senator Heineken Lokpobiri, during a
tour at Triton Farms commended the firm. He stated that the CBN and
Heritage Bank’s financial support to the company was fundamental as
investment in food security was the most profitable venture anyone could
think of.
He, however pointed out that Nigeria had
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 showed 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
was highly dependent on Agriculture.
The Group Head, Agriculture Finance of
Heritage Bank, Olugbenga Awe, stated that the partnership between the
bank and Triton Farms to boost local production would conserve scarce
foreign exchange and enhance food security.
“Nigeria’s current demand capacity for
fish is estimated at 2.7million 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 5 years,” he said.
Awe stressed that Heritage Bank’s
support for small scale enterprises was well known, saying that most
SMEs play in the agric sector.
According to him, the bank takes
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 industrialization.
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 holders’
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 youths 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 the teeming youths.
“Triton Farms 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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