NIGERIA – Innovation-driven and impact-oriented Agro firm, Farmforte, has officially opened a cashew factory in Edo State, Nigeria.
The factory which was inaugurated by Edo state governor Godwin Obaseki has an annual processing capacity of 5,400 metric tons of cashew and is estimated to support over 2000 smallholder farmers.
Outlining the gains of commissioning the facility in the state, the governor reassured that the government will support businesses in Edo and create an enabling environment for them to thrive by mitigating risks, ensure they make profits and advance their services in the region.
Obaseki noted, “With the facility in the state, the government will encourage farmers in Edo North and other areas where cashew is grown to farm and harvest the fruits for processing, making them readily available.”
The inauguration of the cashew factory follow’s Farmforte’s establishment of an Agriculture & Food Production Park sitting on 10,000 Hectares of land.
It comprises of Sustainable Crop Farms, Integrated Animal Farms, Food Processing Facilities, Associated Manufacturing, Training & Research centers and a host of other facilities revolving around specific value chains in which it has immense comparative advantage such as: cocoa, cashew, beans, pineapples, among others.
The Park is developed to ensure the entire value chains of specific agro products are all clustered in the same axis enabling immense synergies that boost productivity and radically increase profitability.
Built on 10,000 Hectares of fertile arable land, the project is located on the banks of Osse River in Ovia North, Edo State, just a few Kilometres away from Benin City.
A brand-new Expressway passing close to Farmforte Food Valley is currently being built linking a proposed Seaport which would simplify export logistics for all its products.
“The intent is to farm products sustainably and process them into world class goods that can compete in the most advanced markets globally.
“In addition to our own production and processing, Farmforte Food Valley would also host partner companies who would create products either for our use or from our raw materials,” highlighted the company.
Meanwhile, Agropartnerships Technology Limited, the digital investment subsidiary of Farmforte Limited, recently acquired a fund and portfolio management company licenced by the Securities Exchange Commission (SEC).
This is a major milestone in Agropartnerships’ commitment to consistently ensure market access for over 112,000 smallholder farmers within the agriculture value chain.
The acquisition also heralds the role of regulatory frameworks to protect companies and customers alike.
It will also enable Agropartnerships scale beyond local investors and expand its reach to global institutional investors and achieve greater social impact.