Nigeria’s Bayelsa government is investing N1.17bn (US$7.28m) in its aquaculture operations to boost food production for local consumption and export.
An agreement has been signed with two “foreign technical partners” to establish aquaculture farms, fish processing and storage facilities in the state for catfish and tilapia.
Dr Thomas Commander, State Commissioner for Agriculture and Natural Resources, said: "In view of the volume of fish that would be produced, they have been asked to also establish a fish processing factory with a capacity of 2,500 tonnes and a cold storage facility.”
The partners will invest N2.7bn (US$16.99m), bringing the total project cost to N3.9bn (US$24.27m).
"From this amount, 30% is what the state is going to pay while the partners are going to source 70% of this fund. However, there is an agreement that whatever they bring in will be paid back over 24 months,” Dr Commander added.
The Bayelsa government says the agreement will help it to “diversify” the economy, take advantage of its “ideal” climate and achieve its aims of being self-sufficient.
