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.
Onoriode
Akusu.
Social Media Strategist;
Digital PR & Video Producer.
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