Nigeria’s target of achieving self-sufficiency in fish production has received a boost as Premium Aquaculture Limited is making huge investments in fish feeds and aquaculture to reduce the country’s annual import bill of N125 billion.
“Our company has strategically invested in fish hatchery at first place and also invested in 100 Cages. The Premium Aquaculture intends to produce more than 20,000 metric tonnes (MT) of fish locally in the coming years,” said Govindaraju Garahally Siddagangaiah, farm manager, Premium Aquaculture during the company’s first harvest at its Oyan dam aquaculture facility in Ogun state recently.
“Apart from increasing the fish production capacity to 20,000 MT, Premium has been investing in fish feed mill and a state of the art fish processing facility,” Govindaraju said.
He noted that upon completion of the project about 500 rural youths would be directly employed and more than 1500 would be employed indirectly in different areas.
Nigeria’s total annual fish demand is estimated at 2.7 million metric tons (MT), while the country produces only 810,000 MT, leaving a gap of 1.89 million MT annually.
This yawning gap is filled with fish imports of N125bn (US$625m), which erodes Nigeria’s chances of diversification in the face of FX scarcity.
Nigeria’s per capita fish consumption is 11kg, which is significantly lower than the global average of 21kg and just less than the estimate of 13.5kg for Côte d’Ivoire.
“It all started as a dream. Premium Aquaculture envisioned the dream of establishing a world-class fish farming facility in Nigeria; after hard work and perseverance today marks the occasion of the realizing our dreams,” said Prakash Aildasani, managing director, Premium Aquaculture Limited.
“We would like to extend our gratitude and thanks to all the role players that have made it possible for the dream to become a reality,” Aidasani added.