UK Invests $15 Million in Nigeria’s Agricultural Infrastructure:
The British International Investment (BII), the United Kingdom’s development finance institution and impact investor, has finalized plans to invest $15 million in equity into Valency International, a Singapore-based agricultural commodities trading company. This investment aims to support the expansion of processing and warehouse infrastructure in Nigeria, fostering job creation and enhancing agricultural output.
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The announcement was made in a statement on Tuesday, highlighting that the investment from BII is geared towards creating up to 2,800 jobs for low-income workers across Nigeria. Additionally, it will indirectly offer market access to around 60,000 smallholder farmers, ultimately boosting agricultural production and exports.
BII has also retained the option to invest an additional $35 million in equity into Valency within two years following the completion of its initial investment. The move is expected to strengthen partnerships with local farmers and processing centers, thereby maximizing output and ensuring a more stable supply of high-quality agricultural products.
Despite agriculture being a substantial contributor to Nigeria’s economy, constituting a quarter of the total GDP and employing over a third of the population, the food processing and manufacturing sectors within the agricultural sphere remain underdeveloped.
BII aims to support Valency in implementing best practices in business integrity, Environmental and Social Management Systems, and improving job quality and gender inclusion. This strategic investment seeks to facilitate growth in Nigeria’s food and agricultural sector, contributing to economic development while enhancing food security and poverty alleviation.
Commenting on the investment, UK Deputy High Commissioner Jonny Baxter emphasized the significance of sustainable agriculture in mitigating climate change effects, improving livelihoods, and supporting food security.
Benson Adenuga, Head of Office and Coverage Director for BII in Nigeria, highlighted the opportunity to drive growth in Nigeria’s agricultural sector, emphasizing the aim to support food security, smallholder farmers, and job creation through industrialization and international trade.
Valency International’s CEO, Sumit Jain, expressed confidence in the partnership with BII, highlighting their commitment to impact-driven growth in Nigeria’s food and agriculture sector. Jain underscored the choice of BII as a partner due to their engagement and commitment in regions aligning with Valency’s growth strategy.