Nutreco has signed an agreement to enter into a joint venture with Durante, a leading supplier of fish feed in Nigeria and an already existing distribution partner.
The Skretting Nigeria joint venture (60/40 Nutreco/Durante) will invest in the local production of extruded fish feed for Nigeria as well as the wider West African region.
Nigeria is Africa's largest economy and its second largest fish producer after Egypt. Nigeria produces more than 200,000 tonnes fish feed annually, mostly for catfish, and aquaculture production is growing by 5 to 10% per year.
Knut Nesse, CEO, Nutreco, said: "This is Nutreco's second foothold in Africa, after our investment in Egypt last year, and expands our share of fish feed for non-salmonid species. This fits perfectly in our strategy. We intend this joint venture to provide a base for further expansion in the fast growing West African fish feed market."
