Starlink Global to invest US$4.5M in cocoa, cashew production in Nigeria

NIGERIA – Starlink Global and Ideal Limited has announced plans to invest N7 billion (US$4.5M) in cocoa and cashew production over the next five years. 

The Managing Director of Starlink Global, Adeyemi Murtadha Adeniyi, made the announcement during the company’s 25th-anniversary celebration.  

Adeniyi emphasized the need for private-sector leadership in driving economic growth, stating, “If Starlink had waited for the government, we wouldn’t have been able to bail out millions of Nigerians thriving in cocoa today. The company has faced significant challenges, including bankruptcy, but we’ve transformed the cocoa industry and the agricultural landscape in Nigeria.” 

Adeniyi highlighted Starlink’s partnership with Odu’a Investment, which owns approximately 25,000 hectares of land across West Africa.  

As part of their backward integration strategy, Starlink has identified two pilot locations for cultivating 5,000 hectares of cocoa, with plans to scale up over time.  

“If the government recognizes our efforts, they can support us, but we won’t wait for them,” Adeniyi said. 

The company’s investment aligns with Nigeria’s broader goal of diversifying its economy by strengthening the non-oil commodities sector.  

Speaking at the event, the Minister of Industry, Trade, and Investment, Jumoke Oduwole, reiterated the Federal Government’s commitment to promoting economic diversification. 

“The commodity market is a key driver in most developing economies, particularly in Africa, where it contributes significantly to exports, employment, and government revenue,” Oduwole said. 

Starlink’s investment announcement follows the African Export-Import Bank’s recent pledge to provide N33 billion (US$20.8 million) for establishing a cashew processing facility in the region.  

Afreximbank President Benedict Oramah highlighted a trade finance gap of approximately US$150 billion annually in developing countries, underscoring the importance of such initiatives. 

In September, the Nigerian government reaffirmed its dedication to fostering a conducive environment for the cashew industry.  

Ogun State Head of Service Kehinde Onasanya noted, “Cashew has long been a crop of economic importance in Ogun State, with the potential to boost state revenue, create jobs, and promote sustainable development in rural communities.” 

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