Availability of high-quality fish feed is one of the greatest problems that affects the expansion of the small-scale fish industries in Nigeria. Fish feed business is a billion-dollar industry, according to the Food and Agricultural Organization (FAO).
Mayol Multipurpose Concept now Oluadepe Farms Nigeria Limited will serve the rapidly growing aquaculture industry in Nigeria by providing moderately prized high quality fish feed.
OFNL will meet the growing demand by sourcing proprietary ingredients from local producers, providing a significant cost advantage relative to imported feed, which is subject to a 10% duty and 5% vat. OFNL is seeking $520,000 capital to build a 1058 tonne/year feed mill and packaging facility, which is projected to generate $ 960,000 EBITDA in the first year.