British International Investment (BII) recently announced its plan to sign a contract valued at $15 million with a Singapore-headquartered agricultural commodities trading house, Valency International.
This was announced in a statement on Tuesday, where British International Investment (BII) said that the fund was for expanding processing and warehouse infrastructure in Nigeria.
The statement partly reads,
The support will create up to 2,800 jobs for low-income workers nationwide. It will also indirectly provide market access to another 60,000 smallholder farmers and boost agricultural output and exports. The new Valency facilities, funded by BII, will strengthen partnerships with local farmers and processing centers to maximize their production and provide a more stable supply of premium-quality products.
According to the firm, the transaction is subject to regulatory approval and is expected to close in early 2024.
Adding to the $15 million funding, the UK’s development finance institution (DFI) and impact investor said it has the option to invest $35 million in equity in Valency within two years of the completion of its initial investment.
British International Investment (BII) stated that even though agriculture continues to be a top contributor to the Nigerian economy, contributing to a quarter of the total gross domestic product and creating more jobs for one out of three Nigerians, the manufacturing sector remains underdeveloped in the local agricultural industry.
Read more: https://www.investingport.com/briti...15-million-into-nigerias-agricultural-sector/