Nigeria fish feed firm, Durante, signs joint venture agreement with Nutreco

Nigerian fish feed supply company, Durante, has entered into a joint venture agreement with Nutreco, a Dutch company and  global leader in animal nutrition and fish feed.

The joint venture, Skretting Nigeria, will invest in the local production of extruded fish feed for Nigeria as well as the wider West African region. It will sell extruded fish feed and operate a plant in Ibadan, Oyo State, both for local market and regional export

Nigeria, Africa’s largest economy, is the second largest fish producer on the continent after Egypt.  The country produces more than 200,000 tonnes fish feed annually, mostly for catfish, and aquaculture production is growing by 5 to 10% per year.

Durante holds a 40 percent stake in the venture which will sell extruded fish feed and operate a plant in Ibadan, Oyo State, both for the local market and regional export.

Knut Nesse, Nutreco’s Chief Executive Officer, noted that the agreement with Durante, a company founded  in 1999 by Ada Alakija and Willy Fleuren (Fleuren & Nooijen), was the company’s second  after an investment in Egypt.

“By entering into this joint venture we establish our presence in the Nigerian market, which is one of Africa’s most important,” he said. “This is Nutreco’s second foothold in Africa, after our investment in Egypt last year, and expands our share of fish feed for non-salmonid species.

“This fits perfectly in our strategy. We intend this joint venture to provide a base for further expansion in the fast growing West African fish feed market.”