The Triton Group has invested $64 million into the Nigerian aquaculture industry, with the aim of increasing local catfish and tilapia production, according to a report.

Triton Group’s business strategy in Nigeria has previously been focused on importing and distributing frozen fish.

The company’s initiative is in line with the federal government policy of mandating companies that import frozen fish into the country to demonstrate their commitment by investing in fisheries.

The Minister of Agriculture and Rural Development Akinwumi Adesina said the investment, set to last five to seven years, will help harness the potential of Nigeria’s fisheries.

Triton Group’s investment will add 3,000 jobs, increase local fish production by 70,000 metric tons, and add $85 million in terms of foreign exchange.

The investment will allow exports of tilapia and catfish to the U.S. and Europe, among other countries.

The company set up a pilot facility for catfish production, which included the conversion of its cold room facility in Lagos into a hatchery with a capacity of 2 million for the production of catfish.

Adesina assured Triton Group of strong institutional support, and policies that would encourage more investment in aquaculture including tax holidays, and enhanced access to land and credit facilities.

Ashvin Samtani, chairman of Triton Group, said the company has been focused on seafood, poultry and aquaculture in Nigeria since it first started operations there in 1995.