Less than two years, after the Central Bank of Nigeria (CBN) in collaboration with Heritage Bank disbursed N2 billion loan processing facility for Triton fish/chicken company in Oyo state, the firm has commenced export of all kinds of frozen foods to some parts of Europe and African countries.
The loan that was given under the Commercial Agricultural Credit Scheme (CACS) in 2017 has fast tracked the production of Triton’s fish/chicken in Oyo and sold as BIG SAMS in Poland, Romania, Egypt, Liberia and Ivory Coast to mention few.
A statement from the bank noted that the move was part of efforts to support the real sector, boost foreign exchange and, unlock food and wealth creating potentials in the nation’s agricultural space.
TAAL, also known as Triton Farm, accessed the CACS through Heritage Bank to set up aquaculture businesses- nursery/hatchery for the production of fingerlings and brood stock in Ikeja.
The Managing Director /Chief Executive Officer of Heritage Bank, Ifie Sekibo stated that that partnership between the bank and Triton Farm local production will conserve scarce foreign exchange and enhance food security. “Nigeria’s current demand capacity for fish is estimated at 2.7million metric tons and the country currently produces 800,000 metric tonnes. Triton is now producing 25,000 metric tons 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 tons in five years,” he said. Sekibo, who was represented by the Group Head, Agriculture Finance unit off the Bank, Olugbenga Awe, stressed that Heritage Bank’s support for small-scale enterprises is well known and most of these SMEs play in the agriculture sector.
