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CBN’s ban on forex for import boosts interest in maize, fish farming - THE GUARDIAN

JULY 30, 2020

By Benjamin Alade


In furtherance of government’s efforts to drive Nigeria towards food sufficiency, Agribusiness firm, Eatrich Farms, has launched the Green Africa Project (GAP), which involves large-scale maize farming, fish and livestock farming and commercial-scale feed mill.

Recall that the Central Bank of Nigeria (CBN), recently released a circular, banning importers of maize from accessing foreign exchange (FOREX) from the apex bank, as part of measures to protect local production of maize, stimulate rapid economic recovery, safeguard rural livelihoods and increase job creation.

To tap into the window provided by this opportunity, Chief Executive Officer of Eatrich Farms, Sam Afolabi, said GAP is one of its many projects conceived to explore the multifaceted agriculture value chain “to further its goal of feeding the future with freshness.”

In addition to ensuring food security in the country, GAP will offer investment opportunities to many Nigerians with the end goal of improving their socio-economic status through agriculture.

Afolabi said: “GAP is aimed at ensuring food security while also serving as an investment platform for Nigerians. We created this project to maximise investment and minimise risk, with the goal of improving socio-economic situations through agriculture.

”We have compartmentalised the GAP city into three different phases based on a worked-out plan for each year. The Phase one focuses on fish farming; phase two on chicken and turkey farming (livestock), and phase three on pig farming. Other investment channels with the company are the maize farms and the sold-out commercial-scale feed mill, among others. But the fish farm is currently active and open to investors/partners.”

According to Afolabi, a fish farm will be set up for an individual with a one-time investment of N9.5 million.

He explained that, “Each investor has nine ponds, and each pond has 800 fishes. Invariably, you are going to have 7,200 fishes at harvest. With a one-time investment of N9.5 million, you’re going to be earning N2 million every year for 20 years.”

As security for the business, Afolabi said an underwriting firm, Leadway Assurance will insure investments with the firm, while personnel with requisite skills and experience would handle the projects.

“GAP investment is smart, safe, and profitable. Eatrich is a company that puts its investors/partner at its core. In the last four years, the company has remained committed to satisfying investors and partners,” he added.

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