The aquaculture sector in Africa is growing at an annual rate of 11%, almost double the global average. However, the sector faces an investment gap of $12 billion, according to experts.
By Blue Africa News
AgDevCo, one of the leading specialist agriculture investors in African agriculture has made a $15 million follow-on investment in Victory Group, an East African aquaculture company specialising in production and distribution of Nile tilapia.
Known for farming tilapia on Kenya’s Lake Victoria and Lake Kivu in Rwanda, Victory Group operates more than one hundred sales outlets across East Africa, supplying fish to hundreds of traders, who in turn sell within local markets.
The company expects to produce 30,000 tons of fish in 2026, with the financing supporting Victory Group’s next phase of expansion, including multiple new farming sites in Kenya and Rwanda.
John Jakobsson, investment director at AgDevCo said their follow-on investment reflects the organisation’s confidence in Victory Group’s management team and growth potential, after the initial funding in 2021.
“Since our initial investment of $4 million in 2021, the company has significantly increased production while improving operational efficiency,” said John, as per a press release shared on April 07, 2026.
“We are delighted to put our capital to work to drive more impact in the region.”
Joseph Rehmann, founder and Chief Executive Officer (CEO) of Victory Group said they are on a mission to build a leading aquaculture business that supplies nutritious protein at scale, while creating opportunities for the traders and communities that depend on the aquaculture value chain.
“AgDevCo’s investment will help us expand production and strengthen distribution as demand for affordable, high-quality fish continues to grow across East Africa,” added the CEO.
AgDevCo is highly regarded for investing in the African agriculture sector, providing patient capital to businesses that create jobs, strengthen food systems and support economic growth.
The organisation has $340 million in assets under management, and has made more than 88 investments to date, including 51 exits across Africa.
According to WorldFish, Africa’s aquaculture sector faces a significant investment gap of $12 billion annually, hampering its potential to create jobs and economic prosperity for the continent.
The sector holds immense potential, with small-scale aquaculture being vital for Africa’s future, driving socio-economic transformation and providing employment and income, particularly in underserved areas.
“The aquaculture sector in Africa is growing at an annual rate of 11%, almost double the global average. In some regions, this growth is even more pronounced, with rates reaching between 12–23% per year. To match the escalating needs of an expanding population, experts suggest a necessary growth rate of 15% or higher annually,” the organisation said in one of its publications titled “Accelerating Aquaculture to Combat Africa’s Fish Deficit.”
“This remarkable growth is not just a reflection of economic vitality. It offers a pathway to address deep-seated nutritional gaps and ensure equitable benefits for both women and men. Spurred by public and private sector investments, this expansion has seen the aquaculture landscape transform significantly. Inland water aquaculture, for instance, has grown from a mere 9 cages in 2006 to an astonishing 20,000 by 2019.”
Despite the promising figures, WorldFish said there are significant challenges that need to be addressed. Investment gap is top on the challenges list.
“WorldFish analysis has highlighted an alarming annual shortfall of $12 billion in necessary investments. This gap represents more than just a financial hurdle; it is a barrier to unlocking the full potential of the aquaculture sector. The ability to generate 58 million jobs and increase the sector’s monetary value to $20 billion annually hinges on overcoming this obstacle.”
The organisation recommended strategic investments, commitments to small-scale practices, effective regulations, and resilience against climate change as the path to having a booming aquaculture sector in Africa.
“With the right blend of resources, policies, and community spirit, the aquaculture sector can be central to economic and nutritional well-being. It’s a chance to provide sustainable solutions to the fish deficit, create millions of jobs, and nourish the continent’s growing population. The time to embark on this transformative journey is now.”
Oliver Ochieng, Blue Africa News