Nigerian Agritech startup Releaf secures US$4.2m funding, grant to boost oil palm processing

NIGERIA – Nigeria-based agritech startup Releaf has secured US$2.7-million in a seed funding round to enable the development of industrial food processing technology in the country’s smallholder-driven oil palm sector. Founded by Ikenna Nzewi and Uzoma Ayogu, Releaf is an agricultural technology company that develops proprietary hardware and software solutions that makes African farmers and food factories more efficient and profitable. Starting with Nigeria’s US$3 billion vegetable oil market, Releaf ensures smaller factories are set up near smallholder farmers, enabling the former to get better processing yields and fewer logistics…

Read More

Nigerian spice exporter Agricorp gets US$17.5m from Vami, AFEX, One Capital for expansion

NIGERIA – Agricorp International, Nigerian based spices producing, processing, and exporting startup has raised US$17.5 million in Series A funding led by Vami Nigeria with US$11.5 million in equity. The fundraising round also attracted the participation of Nigeria’s leading commodity trader – AFEX, alongside One Capital LLC, who provided working capital financing for the company. The investment, according to Agricorp will be channelled towards expanding its processing capacity to 7,000 metric tonnes, set up regional sales operations in South Africa and East Africa, acquire certifications for food safety and hygiene,…

Read More

Tomato Jos forays into grain sector, receives US$1.2m support from USAID funded Trade Hub

NIGERIA – Tomato Jos, Nigerian agro-processing company focused on the local production and processing of tomatoes has diversified its operations venturing into the grains sector. Under the new move, the private equity-backed, fast-growing social enterprise is seeking to boost the productivity, incomes, and resilience of maize and soybean smallholder farmers in northern Nigeria’s Kaduna State. The company has received a N494 million (US$1.2 million) co-investment grant from the USAID-funded West Africa Trade & Investment Hub (Trade Hub) to facilitate the venture. According to Trade Hub, Kaduna State is home to…

Read More

Nigerian agricultural firms secure financing with support from NIRSAL to boost poultry, cocoa production

NIGERIA – The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Plc has facilitated the approval and disbursement of N81.8 million (US$198,700) and N150 million (US$364,500) from Union Bank Plc and Sterling Bank Plc respectively to two agri firms to boost poultry and cocoa production and export in Cross River State, South of Nigeria. NIRSAL Plc, is a non-bank financial Institution wholly-owned by the Central Bank of Nigeria (CBN), established in collaboration with the Federal Ministry of Agriculture and Rural Development (FMARD) and Nigerian Bankers’ Committee. Its mandate is…

Read More

AfDB, partners receive support from Nigeria’s government for establishment of SPAZ, mobilizes US$520m for project

NIGERIA – Leading developmental organizations, African Development Bank Group (AfDB), the International Fund for Agricultural Development (IFAD) and the Islamic Development Bank (IsDB), are set to undertake the establishment of Special Agro-industrial Processing Zones (SAPZ) in 18 countries across the region. Special Agro-industrial Processing are a flagship initiative of the AfDB’s ‘Feed Africa’ strategic priority. They aim to provide end-to-end solutions and services that de-risk production, processing, and marketing operations of private sector actors as they boost manufacturing and transformation capacity in production areas. The end result is improved livelihoods…

Read More

Guinness Nigeria full year profits surge 110% buoyed by double digit growth in all key categories

NIGERIA – Guinness Nigeria Plc, a subsidiary of Diageo Plc, has announced its audited results for the period ended 30 June 2021, revealing a 110% increase in profit after tax mainly driven by strong revenue growth across all key categories.  Profit after tax rebounded to N1.25billion (US$3.03 million) from a loss of N12.6billion (US$30.58 million) reported in full-year ended June 30, 2020, audited results released to the Nigerian Exchange Group (NGX) revealed.  Revenue, the major profit driver, increased 54percent to N160 billion (US$390 million) in 2021 from N104.4 billion (US$250…

Read More

Tiger Brands joins list of South African companies exiting Nigeria with sale of minority stake in UAC Foods

NIGERIA – Tiger Brands, one of Africa’s largest food producers, has exited Nigeria- Africa’s most populous nation and largest economy- after selling its minority stake in UAC Foods.   Tiger Brands, which owns brands including Jungle Oats, All Gold, and Koo, said that Nigeria remains a market of significant potential for the company, and “options will be explored after the closing of the transaction to maximise opportunities in relevant categories”  UAC, with interests in real estate, paints and livestock feed, will take over Tiger Brands’ stake in the company, further cementing its majority ownership…

Read More

Nigerian commodity trader AFEX partners with SWAgCo, Ogun State to promote production of staple crops

NIGERIA – Nigeria’s leading commodity player, AFEX, has partnered with agricultural investment company, South-West Agriculture Company (SWAgCo), and the Ogun State Government for the development of five thousand hectares (5000 ha.) for the production of multi-crops in the South-West region of Nigeria. The partnership was announced at an MoU signing ceremony at the deal room of the Feed Nigeria Summit 2021 with the focus crops for the partnership to include cassava, rice and maize. According to the Commissioner of Agriculture for Ogun State, Dr. Adeola Odedina, the parties aim to…

Read More

GAIL subsidiary of FMN Group boosts development of maize, soybean value chain in Nigeria

NIGERIA – Golden Agri Inputs Limited (GAIL), part of the agro-allied division of Flour Mills of Nigeria Group (FMN), has entered into a Memorandum of Understanding (MoU) with Kaduna State government to accelerate development of maize and soybean value chain in the region. The initiative, which is based on a well-defined Backward Integration Strategy, will be undertaken through the YALWA programme. According to FMN, the project will be carried out through strategic partnerships, with renowned hybrid seed companies like Corteva Agriscience and Golden Penny Fertilizer Company. About 25,000 farmers are…

Read More

Agriculture, food import bills in Kenya, Nigeria surge due to dwindling local supply

KENYA – Kenya’s enhanced importation of grain and cereals to cover for production shortfalls locally on the back of late planting in the main crop season and a weakened local currency against the US dollar, has led to surge of the import bill. For instances maize imports from Uganda and Tanzania in the first five months of the year jumped nearly two-fold to cross 1.38 million 90-kilogramme bags from 495,813 bags last year, according to the Ministry of Agriculture’s data. Wheat imports in the January-May 2021 period also increased 12.30…

Read More