Fayus Group, in cooperation with Shine Bridge Global (SBG) and Africa Global Schaffer (AfGS), are investing $159 million in Nigeria’s oil palm and cassava worth chains over three years.
Yusufu stated that Fayus had committed an additional $44 million in cassava processing, to bring the total financial investment commitment in the sector to $159 million.
” Fayus Nigeria Limited and Fayus Inc. (U.S) are also working with U.S.-based food and agro-allied services business, Shine Bridge Global (SBG) and Africa Global Schaffer (AfGS), to co-invest in the cassava worth chain in Nigeria.
” Fayus has dedicated an additional $44 million investment towards the cassava industrialisation program for a total investment of $159 million in oil palm and cassava worth chains over 3 years,” he said.
Yusufu discussed that Fayus’ financial investments in Edo include a 200 hectares pilot oil palm plantation, two nurseries, dams, roadways, irrigation systems, and other infrastructure possessions totaling over $15 million.
He stated that Fayus had committed to catalyzing an extra $100 million in Edo, together with other financiers under the ‘Edo State Oil Palm Program’ (ESOPP), to establish 46,000 hectares of oil palm plantations over the next five years.
” This is why at Fayus, we have partnered with the very best of the best innovators from Malaysia to guarantee the accomplishment of 60 tonnes each day milling capacity, in addition to refining and fractionation of crude palm oil into high-value customer and industrial items.
” By collaborating, I believe we can accomplish this within three years, as we are aggregating and integrating smallholder farmers into our plantation facility scheme to not only increase farmers’ earnings, however to create wealth and entrepreneurial chances for youths and women,” Yusufu said.
Yusufu applauded Gov. Godwin Obaseki of Edo, describing him as a guv who comprehends the needs of the private sector to make it possible for foreign direct financial investments.
He said that Obaseki had stepped up the underpinning to make it possible for land acquisition for Fayus’ oil palm investments in the state, explaining the governor as a genuine understanding professional.
” We require to continue the cooperation with Federal and State governments to plant 800,000 seedlings in 2021 while we likewise deal with the establishment of a new oil palm nursery in the freshly designated 5,000 hectares in Edo.
” Government needs to collaborate with the economic sector on land acquisition and complete security infrastructure, as investors get ready for milling operations in three years and we are prepared to team up with other oil palm financiers to sell our high- performance seedlings to others throughout Nigeria,” he added.
Dr. Tony Bello, the Chairman of Shine Bridge Global, a U.S.-based food and agro-allied services business, stated his business was engaging local and U.S.- based investors to bring in financial investments into Nigeria.
Bello said that the objective was to create industrial food active ingredients for both the domestic and global export markets in manufacturing of consumer-packaged items (CPGs) in Nigeria.
” The objective is to co-invest $250 million to $500 million in oil palm and cassava processing and consumer- packaged foods, in partnership with the African Advancement Bank’s Special Agro Processing Zones (AfDB-SAPZ) in FCT-Abuja, Ogun, and Cross-River states, among others states.
” We are innovating consumer packaged foods such as crackers, covers, pizza crusts and junk foods products that are similar to “Pringles and Lays Stax” brand names of potato crisps, however this time, made from Cassava Immediate Tapioca Flakes and Granules.”
” We are driving a commercial cassava production program in Nigeria at scale and at high-speed to market through the Project BOLT tactical collaboration platform with the Federal Ministry of Industry Trade and Investment (FMITI) and the Federal Ministry of Farming and Rural Development (FMARD) Agric for Food and Jobs Plan (AFJP).
” We are leveraging the reapplication of proven food science and innovation to transform cassava into high-value food ingredients and CPGs,” Bello stated.
The Chairman of AfricaGlobal Schaffer, Dr. Mima Nedelcovych, said the U.S. was a huge export market opportunity for high-value cassava and oil palm items.
Nedelcovych, who moderated the meeting, also serves as board member of the Niger Delta Collaboration Effort (NDPI), the foreign partner to the Collaboration Initiatives for the Niger Delta– (PIND).
U.S. Ambassador to Nigeria, Ms Mary Leonard applauded Yusufu for his organization success in Sacramento, California.
She said that the business had actually placed the “ Ola ” brand of Instantaneous Yam Flour, for making “ Poundo Fufu,” as a leading staple for the diaspora neighborhoods throughout five continents.
Leonard, who was represented by the Senior Commercial Officer, Ms Jennifer Woods, kept in mind that Fayus has 8 warehouse in the U.S. alone.
“ A rising tide raises all boats and United States modern innovation in food processing will no doubt be deployed along with the Fayus trade and investment launch in Nigeria,” she said.
In his remarks, Obaseki said he was once again thrilled by the assistance and commitment of the U.S. Ambassador to Nigeria and for her assistance of Fayus’ investments in the oil palm and cassava worth chains in Edo.
According to him, government was alleviating security challenges and creating brand-new incentives to draw in private sector financial investments in oil palm and cassava value chain development in Edo.
He stated that for oil palm, the state was promoting compliance to the high standards of the Roundtable on Sustainable Palm Oil (RSPO), in collaboration with economic sector financiers.
Present at the launch were Rep. Henry Nwawuba, the Chairman Home Committee on Monitoring and Execution of Legislative Agenda, Dr. Adeola Odedina, Honorable Commissioner of Farming in Ogun.
Others were the Ceo of Bank of Industry, Mr. Kayode Pitan, Mr. Danladi Michel Verheijen of Verod Capital Management, Mr. Kunle Elebute of KPMG-Nigeria and representatives from the Niger Delta, to name a few.