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N1.17 Billion Invested on Bayelsa Aquaculture Farms

16 August 2013

NIGERIA - Bayelsa State government is investing N1.17 billion on aquaculture farms; fish processing and storage facilities, while its foreign partners will source N2.73 billion for the project.

The project is expected to gulp N3.9 billion. Dr Thomas Commander said the government has signed a pact with two foreign technical partners to establish aquaculture farms, fish processing and storage facilities in the state to boost food production for local consumption and export, reports The Nation.

Dr Commander said the present administration is taking a giant leap to diversify the economy from oil and gas by taking advantage of its climate that is ideal for massive rice, cassava, banana, fisheries and aquaculture production.

Bayelsa government invests N1.17 billion on aquaculture farms According to Dr Commander: “P and R International, which is one of the partners, is going to establish a fish farm with a capacity of about 1500 metric tons of cat fish with 500 metric tons of tilapia, making a total of 2000 metric tons of fish per annum.

“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 2500 Metric Tons and a cold storage facility These three components amount to 24 million US dollars with a naira equivalent of about N3.9 billion.

"That is the cost, but this amount is to be shared across three important components; fish farms, fish processing factories and the cold storage facilities, which has never happened in Nigeria. So it is cost effective and we are sure that we have done the best thing.

“In this amount, 30 per cent is what the state is going to pay while the partners are going to source for 70 per cent of this fund. However, there is an agreement that whatever they bring in will be paid back over 24 months.”

TheFishSite News Desk



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