Emmanuel OchayiThe British International Investment (BII) on Tuesday announced plans to inject $15 million into Valency International, a Singapore-based agricultural commodities trading house, for the expansion of processing and warehouse infrastructure in Nigeria.
This move aims to create thousands of jobs and bolster agricultural output in the country.
In a statement, BII revealed its intention to invest in Valency, focusing on strengthening the agricultural sector’s processing and manufacturing capabilities. The investment is contingent on regulatory approvals and is anticipated to be finalized by early 2024.
Additionally, BII holds the option to further invest $35 million in Valency within two years of the initial transaction.
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“This support will pave the way for up to 2,800 job opportunities for low-income workers while indirectly connecting an additional 60,000 smallholder farmers to market access,” stated BII, emphasizing the developmental impact of the investment.
According to BII, despite agriculture’s contribution to Nigeria’s economy, the local agricultural sector lacks robust food processing and manufacturing infrastructure.
Highlighting the investment’s significance, UK Deputy High Commissioner Jonny Baxter expressed enthusiasm, stating, “The UK’s sustainable agriculture work in Nigeria aims to enhance food processing capabilities, create jobs, and support economic growth.”
Benson Adenuga, Head of Office and Coverage Director, Nigeria for BII, emphasized the importance of catalyzing growth in Nigeria’s food and agricultural sector.
Adenuga expressed pride in deepening the commitment to food security, smallholder farmers, and job creation, marking the partnership with Valency as a significant step towards economic development.
Sumit Jain, CEO of Valency International, underscored the deliberate choice of partnership with BII, emphasizing their shared vision for impact-driven growth in Nigeria’s food and agriculture sector.
“We chose to partner with BII due to their engagement in regions aligning with our investment focus. Equally, we are privileged that BII has chosen Valency to drive its impact agenda in Nigeria’s growing food and agriculture sector,” Jain said, affirming the synergy between both entities’ visions.
The investment holds the promise of not only fostering employment opportunities but also amplifying Nigeria’s agricultural output and export potential, marking a pivotal step in the nation’s economic landscape.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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