The United Kingdom Development Finance Institution, British International Investment, BII has disclosed that it will invest $15 million in the agricultural sector in Nigeria.
The investment would be made in equity into a Singaporean-headquartered agricultural trading house, Valency International, the agency said in a statement on Tuesday.
According to the statement, the transaction is subject to regulatory approval, and will take effect in the first quarter of next year.
BII said the investment is expected to create at least 2, 800 jobs for low income workers across the country, apart from market access for 60,000 farmers.
The statement said, “The support will create up to 2,800 jobs for low-income workers across the country. It will also provide market access indirectly to a further 60,000 smallholder farmers and boost agricultural output and export. The new Valency facilities, funded by BII will strengthen partnerships with local farmers and processing centers to maximize their output and provide a more stable supply of premium-quality products.”
“Crop production is the largest segment within agriculture and it accounts for about 87.6 percent of the sector’s total output. BII, as the first institutional investor in Valency, will provide value-added support to the company in developing best practices in business integrity and Environmental and Social Management Systems. Both parties will work closely to improve job quality and gender inclusion and enhance value creation.”
