(Ecofin Agency) - The Central Bank of Nigeria (CBN) and Heritage Bank granted a N2 billion ($6.5 million) long-term loan to Triton Aqua Africa Limited (TAAL).

This loan is part of a commercial loan system for agriculture that aims to boost Nigerian aquaculture so as to cut down frozen fish imports.

The facility will first be invested in a fishery unit including a hatchery and in equipment to produce fingerlings in Ikeja, in the Lagos State.

Secondly, it will be used to set up earthen ponds for catfish and tilapia in Asejire and Gambari, in the Oyo State, and Iwo, in the Osun State.

“Triton is now producing 25,000 metric tonnes and with them on board, about 25,000 metric tonnes capacity will be added to our current production, the company’s projection is to reach 100,000 metric tonnes in 5 years,” said Group Head, Agriculture Finance of Heritage Bank, Olugbenga Awe.

Nigeria is far from being self-sufficient in fishes. Its output currently stands at 800,000 tons, for a demand of 2.7 million tons per year.