This confirmation came after Promasidor Nigeria Limited, PNL, concluded its arrangement to inject over N8 billion ($25 million) worth of facility from the agency in order to expand production capacity.
IFC Head of Manufacturing, Agribusiness and Services for sub-Saharan Africa, Mary-Jean Moyo, said Africa needed more than $10 billion in new investment annually to achieve this expansion of output.
According to Moyo, “Agribusiness is Nigeria’s largest employer. Increasing investment in food-processing companies like PNL will help diversify Nigeria’s economy and improve nutrition by expanding the supply of affordable food.”
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She said IFC’s investments in agribusiness would enhance productivity to produce greater food security, higher rural incomes, and improve environmental and social sustainability. At present, the average African farm performed at just 40 percent of potentialities.
Meanwhile, Olivier Thiry, Managing Director, Promasidor Nigeria, said the capital injection would be used to support purchases of new machinery to increase efficiency, expand production and develop new products, leading to greater availability of nutritious food products in Nigeria at good prices.