CBN, Heritage Bank provide N2b agric loan to Triton Aqua Africa

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CBN, Heritage Bank provide N2b agric loan to Triton Aqua Africa

The Central Bank of Nigeria (CBN) in collaboration with Heritage Bank Plc has provided a N2 billion long-term facility under the Commercial Agriculture Credit Scheme (CACS) to Triton Aqua Africa Limited (TAAL).

TAAL, known as Triton Farm, accessed the CACS through Heritage Bank, which is 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.

The Minister of State for Agriculture, Senator Heineken Lokpobiri, during a tour at Triton Farms, praised the firm, saying the CBN and Heritage Bank’s 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 showed huge investment potential in the sector.

He impressed it on banks to finance more of the agricultural projects, rather than trading, in oil and gas as the future is highly dependent on agriculture.

The Group Head, Agric Finance, Heritage Bank, Olugbenga Awe, stated that the partnership between the bank and Triton Farm 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 tons.

“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 five years,” he said.

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Ezeadichie Onyeka Michael is the Co-Founder of Haelsoft, a Professional Services Company in Nigeria that provides Information and Technology Services for small and big size companies in Nigeria(Africa). He is an Entrepreneur and Venture Capitalist with Expertise in Web Technology and Digital Marketing. He has developed & Implemented Digital Marketing Strategies(Campaigns) for top brands across sectors in Finance, Telecommunication, Ecommerce who operate in the African market. His professional experience includes key roles at Google Business Group(Nigeria), Google Women on the Web (Nigeria), Edubridge Consultant and Wild Fusion where he has trained over 500 Entrepreneurs on how to use various Web Technology products to succeed online. Customer centricity, User Experience, Conversion optimization are 3 pronged framework he applies around the often-frenetic world of web analytics to ensure that clients stay competitive in the market. He believes that investing in talent is the key to long term success for brands across Nigeria (Africa).

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