Norfund Invests $12m In Local Nigerian Cocoa Processing Business - Politics - Nairaland
Nairaland Forum › Nairaland General › Politics › Norfund Invests $12m In Local Nigerian Cocoa Processing Business (703 Views)
| Norfund Invests $12m In Local Nigerian Cocoa Processing Business by FreeStuffsNG(op): 3:01pm On Jul 01, 2023 |
Norfund Invests $12m In Local Nigerian Cocoa Processing Business Written by Olusola Bello Norwegian Investment Fund (Norfund) has invested $12 million in the Local Nigerian Cocoa Processing Business with the aim to create jobs in Nigeria, while addressing some of the challenges in the cocoa value chain. The investment was through OH Ecosystems Limited, which successfully acquired a majority stake in FTN Cocoa Processors Plc. Norfund’s investment will upgrade FTN’s operating facilities and extend its reach to produce and sell additional products into the cocoa supply chain. With 20,000 metric tons of installed capacity, FTN transforms cocoa beans into semi-finished products (cocoa liquor, butter and powder) for commercialisation to global and local clients. Prior to this investment, FTN had been dormant and underutilised for several years. Norfund’s investment will upgrade FTN’s operating facilities and extend its reach to produce and sell additional products into the cocoa supply chain. Investment manager at Norfund, Obafemi Awobokun said: “increasing the share of raw materials that are processed locally can create a large number of jobs that give the fast-growing population of Nigeria the opportunity to work their way out of poverty, and we are confident that this investment can contribute to this.” Managing director of OH Ecosystems, Nathaniel Durant said: “We are thankful for Norfund’s partnership as we focus on building out value-add production in Nigeria. Having partners who are aligned over the long-term on both the financial and social impact of our work is extremely important. Together, we can contribute to Nigeria’s agricultural manufacturing with a focus on financial sustainability for farmers in the value chain.” Also, managing director of FTN Cocoa, Akin Laoye ,added that, this is a strategic alliance come through that will help FTN sew up her pursuit of conversion of cocoa beans, job creation, contribution to the economic diversification goals of the government, delivering value to stakeholders and actualising the vision of being a global player. He also said: “Norfund’s investment will help create both technical and non-technical employment directly for 600 people and indirectly for more than 1,500 across the cocoa value chain. The investment also contributes towards the Nigerian government’s efforts to diversify export revenues by reducing its reliance on oil and gas.” The regional director for West Africa for Norfund, Naana Fynn pointed out that the cocoa sector is a very important one for Nigeria and West Africa and could be a key one in the push to diversify Nigeria’s revenue sources, saying, “by partnering with this management team which has deep sector experience in West Africa, a strong technical partner, local investors and current owners, we aim to contribute positively to this effort. “This investment also presents us the opportunity to partner with these stakeholders to increase local processing of cocoa beans and thus capture more of the value chain dollars at origin, to create jobs and to positively impact the fight against child and forced labour and deforestation in this important value chain.” https://leadership.ng/norfund-invests-12m-in-local-nigerian-cocoa-processing-business/ Mynd44 nlfpmod
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| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by FreeStuffsNG(op): 3:01pm On Jul 01, 2023 |
This is awesome! Thank you Norway. Thank you to all those who worked hard to make this happen. A special post-humous appreciation to Mr Abiola Aderounmu, the brain behind the deal who died during covid 19 while pursuing the success of this deal. It is unfortunate that he is not alive to see this part of his dream come true but his loyal associates never abandoned the vision and dream. May God bless you all. Shout out to all the entrepreneurs out there. You are our nation builder and innovators, please don't give up. Your dream will come true too some day if you don't give up. God bless Nigeria! |
| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by lwisee: 3:02pm On Jul 01, 2023 |
Real change is coming. We can't any President worse than Buhari the clueless one. |
| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by MXrep: 4:09pm On Jul 01, 2023 |
FreeStuffsNG:Ordinary cocoa that grows in your backyard, you need Norway to process it. Yorubaland is nothing but center for Capital Flight. It's not in every sector that you allow foreigners anyhow. Laziness too much for yorubaland |
| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by Salary: 4:09pm On Jul 01, 2023 |
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| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by LegendHero(m): 4:30pm On Jul 01, 2023 |
MXrep:Lol 😂, now foreign investment is now a bad thing according to Shinedu from erosion ravaged land. Hope you know foreign investors only invest in profitable states. No one care about terroristic ridden region like the SE. Cocoa processing companies are enormous in the SE and most are domiciled in Ondo state. You have their chocolates scattered everywhere. Just so you know, Cocoa export is the largest share of the Agricultural export out of Nigeria according to NBS and SW contributed majorly to that from those local farmers. We Yorubas are contributing meaningfully to Nigeria to earn $$ while you in erosion ravaged land couldn’t export anything meaningful rather than turn Nigeria to import ground for fake materials and items. Mention one export from your region that surpass this Cocoa figure for agricultural export? NBS data: https://nigerianstat.gov.ng/download/1241297
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| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by MXrep: 4:51pm On Jul 01, 2023*. Modified: 5:10pm On Jul 01, 2023 |
LegendHero:Export of raw agricultural product is nothing to celebrate. Grow indegenous entrepreneurship to transform them to finished products. Palm produce that we have in the East this how we transform it to finished products by indegenous industialists
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| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by GeneralPula: 4:55pm On Jul 01, 2023 |
MXrep:Alex Otti Of Abia needs you.. You seem to have a Phd in cho cho cho.. |
| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by MXrep: 5:00pm On Jul 01, 2023 |
GeneralPula:Learn from us, lazy people
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| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by Adurax: 5:02pm On Jul 01, 2023 |
This is good news |
| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by GeneralPula: 5:03pm On Jul 01, 2023 |
MXrep:What is it that you want to teach, that’s worth learning? |
| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by MXrep: 5:06pm On Jul 01, 2023 |
GeneralPula:Indigenous entrepreneurship in manufacturing |
| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by GeneralPula: 5:21pm On Jul 01, 2023 |
MXrep:How many indigenous entrepreneurs do you have in SE? |
| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by LegendHero(m): 5:22pm On Jul 01, 2023 |
MXrep:Finished product for who lol 😂. Those cocoa that are been transported, do they mine them from the ground or is it not through gross scale farming? Farmers invest massive amount in those cocoa fields and they sell their surplus. Are you equating cocoa to crude oil coz I don’t understand the jargons you’re talking about. You have chocolates factories in the SW and even Akeredolu built one few years ago. Not all countries consume that raw food, some process and export for foreign earnings and that’s what the farmers are doing. If it’s easy to just dig cocoa from the ground, why you no dey mine am for under second Niger bridge river? Lastly, if you want to see indigenous Yoruba companies and firms, just go through this thread to feed your eyes. You’ll see us feature in all sector of production both goods and services. https://www.nairaland.com/3918290/yorubas-most-industriousrichest-educated-tribe |
| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by FreeStuffsNG(op): 8:13pm On Jul 01, 2023 |
LegendHero:thank you for enlightening him sir |
| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by MXrep: 9:00pm On Jul 01, 2023 |
LegendHero:All this long grammar without pictures? Cocoa is raw agricultural product. You lack the entrepreneurial acumen to transform it to finished products. Learn from us
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| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by femisplash: 9:40pm On Jul 01, 2023 |
MXrep:You can't even produce rice and garri without FG & International funding and you're here shamelessly running your mouth, Lol. FreeStuffsNG abeg help me knack this guy the link where food scarcity had been predicted to hit Anambra. |
| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by MXrep: 10:10pm On Jul 01, 2023 |
femisplash:Lol. Getting funding for local entrepreneurs is the way to go. Una people na complete economic illterates |
| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by femisplash: 10:19pm On Jul 01, 2023 |
MXrep:So, why are you condemning this one here?. You see why we dey flog you guys here. |
| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by MXrep: 10:24pm On Jul 01, 2023 |
femisplash:Are they the same?, olodo. |
| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by femisplash: 10:36pm On Jul 01, 2023 |
MXrep:You go school at all? |
| Re: Norfund Invests $12m In Local Nigerian Cocoa Processing Business by FreeStuffsNG(op): 6:42pm On Jul 02, 2023 |
femisplash:https://www.nairaland.com/7744253/failure-pay-project-counterpart-funds |
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