Promasidor
Nigeria Limited, makers of Cowbell, Onga, Toptea and Loya Milk, has
concluded arrangements with IFC, a member of the World Bank Group, to
inject a $25 million loan (over N8billion) into its production with a
view to increasing efficiency and to produce more products for the
benefit of Nigerian populace.
Olivier
Thiry, Managing Director, Promasidor Nigeria Limited- PNL, explained
that the capital injection would be used to support purchases of new
machinery that will enable PNL to increase efficiency, expand production
and develop new products, leading to greater availability of nutritious
food products in Nigeria at competitive prices.
His
words: “This is a very competitive market for food products. We expect
that this investment will help us optimize production costs, enabling us
to reach and nourish more consumers with our affordable range of
quality products. We will also target our portfolio extension by gradual
integration of more locally sourced raw materials from producers in
Nigeria and widening our network of distributors”
According to him, the investment became necessary in view of the numerous business opportunities in the Nigerian market.
He
disclosed that Promasidor Nigeria is currently faced with production
limitations as it could not produce enough quantity of its nutritious
products to service the demand for them from different parts of the
country.
Meanwhile,
Mary-Jean Moyo, IFC Head of Manufacturing, Agribusiness and Services
for sub-Saharan Africa said, “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.”
IFC
said it invests in Agribusiness to enhance productivity with the goals
of greater food security, higher rural incomes, and improving
environmental and social sustainability. Today, it added, the average
African farm performs at just 40 percent of potentials. The
organization said by 2030, Africa’s agriculture and agribusiness market
is expected to triple in value to reach $1 trillion. Africa needs more
than $10 billion in new investment annually to achieve this aspired
expansion of output.
In
the fiscal year ended in June 2016, IFC’s overall, long-term
investments in sub-Saharan Africa totalled nearly $3.7 billion,
including more than $1.8 billion mobilized from other investors. IFC
clients provided 240,000 jobs, supported nearly 1.2 million farmers, and
treated nearly 960,000 patients.
PNL
is a subsidiary of Promasidor Holdings limited (the Company), a leading
Pan-African consumer goods company operating in 25 countries across the
continent. The Company was founded in 1979 in the Democratic Republic
of Congo by Mr. Robert Rose, who pioneered formulations and packaging of
dairy products which extended shelf life and made them more accessible
and affordable for millions of low-income consumers.
About Promasidor
PNL,
makers of Cowbell Milk, Loya Milk, Onga food seasoning and Top tea,
commenced operations in Nigeria in March, 1993. Its profound success in
its first year grew its staff strength to 190 people, providing quality
dairy and seasoning products to millions of Nigerians while the Cowbell
Milk brand became a household name. As market success grew, a passionate
work force continued to explore the market potential and drive
innovation in manufacturing, packaging and distribution of its products
pan Nigeria. For more information, visit www.promasidor-ng.com.
About IFC
IFC,
a member of the World Bank Group is the largest global development
institution focused on the private sector in emerging markets. Working
with 2,000 businesses worldwide, IFC uses it's six decades of experience
to create opportunity where it’s needed most. In FY16, their long-term
investments in developing countries rose to nearly $19 billion,
leveraging their capital, expertise and influence to help the private
sector end extreme poverty and boost shared prosperity. For more
information, visit www.ifc.org.
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