Fayus Group, in collaboration with Shine Bridge Global (SBG) and Africa Global Schaffer (AfGS), is investing $159 million in Nigeria’s oil palm and cassava value chains over three years.
The Chairman of Fayus, Fatai Yusufu, announced this on Sunday after a virtual meeting to launch the company’s $159 million oil palm and cassava industrialisation investments.
Mr Yusufu said Fayus had committed an additional $44 million in cassava processing to bring the total 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 companies, Shine Bridge Global (SBG) and Africa Global Schaffer (AfGS), to co-invest in the cassava value chain in Nigeria.
Fayus has committed an additional $44 million investment towards the cassava industrialisation program for a total investment of $159 million in oil palm and cassava value chains over three years,” he said.
According to Mr Yusufu, Fayus’ investments in Edo include a 200-hectare pilot oil palm plantation, two nurseries, dams, roads, irrigation systems, and other infrastructure assets totalling over $15 million.
He added that Fayus had committed to catalysing an additional $100 million in Edo and other investors under the ‘Edo State Oil Palm Program’ (ESOPP) to establish 46,000 hectares of oil palm plantations over the next five years.
Mr Yusufu further explained, “We need to continue the collaboration with federal and state governments to plant 800,000 seedlings in 2021 while we also work on the establishment of a new oil palm nursery in the newly allocated 5,000 hectares in Edo.”
Tony Bello, the Chairman of Shine Bridge Global, a U.S.-based food and agro-allied services company, said his company was engaging local and U.S.-based investors to attract investments to Nigeria.
Mr Bello explained, “The goal is to co-invest $250 million to $500 million in oil palm and cassava processing and consumer-packaged foods, in partnership with the African Development Bank’s Special Agro-Processing Zones (AfDB-SAPZ) in FCT-Abuja, Ogun, and Cross River, among others states.
“We are innovating consumer-packaged foods such as crackers, wraps, pizza crusts, and snacks food products that are similar to ‘Pringles’ and ‘Lays Stax’ brands of potato crisps, but this time, made from cassava instant tapioca flakes and granules.”