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Bayelsa floats N3.9bn aquaculture project

By on August 11, 2013

Bayelsa State Government and its foreign partners have endorsed an agreement to float a N3.9bn aquaculture project in the state.

The project, according to the Commissioner for Agriculture and Natural Resources, Dr. Thomas Commander, involved construction of fish farms and fish processing and storage facilities.

Commander, who spoke in Yenagoa, said while the government would invest N1.17bn in the project, the foreign partners would commit N2.73bn.

He said the deal had been concluded and the pact sealed with the foreign technical partners.

He said constructing storage facilities in the state would boost food production for local consumption and export.

He described the project as a giant leap to diversify the economy from

oil and gas adding that the state would take advantage of its environment.

He said the government would embark on massive rice, cassava, banana, fisheries and aqua- culture production.

He said: “P and R International, which is one of the partners, is going to establish a fish farm with a capacity of about 1500 metric tones 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 Tonnes and a Cold Storage Facility

“These three components amount to 24 million US dollars with a naira equivalent of about N3.9bn. That is the cost, but this amount is to be shared across three important components- fish farm, fish processing factory and the cold storage facility 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% is what the state is going to pay while the partners are going to source for 70% of this fund. However, there is an agreement that whatever they bring in will be paid back over 24 months.”

According to him, “government is making frantic efforts in revamping the Peremabiri, Isampou and Kolo farms for commercial rice production.

He said 1000 hectares of land had already been cultivated in Otuasega, Fando and Burma under what he called “the Outgrowers Scheme.”

 

 

[The Nation]