Marigold Ltd in partnership with the provincial government will buy sea produce from locals through the facility and export them overseas.
National Fisheries Authority managing director Justin Ilakani said it was a meaningful public-private partnership investment, The National newspaper reported.
Ilakani said the NFA approved the initiative in 2019 but it took four years to mobilise resources, manpower, skills and partnership.
"I commend Marigold Ltd and the WNB provincial government for their commitment, perseverance and resilience over many challenges to complete this facility at commercial level," he said.
He said the NFA was committed to promoting, encouraging and partnering initiatives to expand resource bases to resurrect the declining fisheries stocks in the wild through aquaculture and such initiatives.
"The NFA is confident that this investment will contribute towards restocking and stock enhancement programs within coastal waters, in particular, the predominant localized depleted areas, especially for sandfish stock populations.
"We will continue the partnership with provincial governments including options to relinquish coastal fisheries licencing mandate to them (provincial government) to provide opportunity to expand on their revenue stream options and share the burden of management and monitoring of the coastal fisheries resources," Ilakani said.
The NFA says it will host a provincial heads of fisheries meeting in September.