Cros Agro Allied Limited, a member of BlackPace Group, with huge investments in potato, pulses and ginger value chain in Nigeria and Rwanda, has been selected for funding by Grow Africa and the African Development Bank (AfDB) joint venture to scale up its agric-investments in Nigeria and Rwanda.
The fund support will help Cros Agro increase its number of investments along the potato, pulses and ginger value chain in both Nigeria and Rwanda.
“Cros Agro Allied limited has been selected on the basis of its inclusive investments in potato, pulses and ginger in Nigeria and Rwanda,” the statement signed by both William Asiko, executive director, Grow Africa and Atsuko Toda, director-agricultural finance, African Development Bank said in a statement made available to BusinessDay.
“The partnership between Grow Africa and AfDB aims to increase private sector investment along pre-agreed priority value chain in selected African countries in alignment with the economic transformation targets set by the bank in its long term strategic plan,” the statement added.
Speaking on the offer by both institutions, Olusegun Paul Andrew, executive chairman, BlackPace Group said, “We are pleased to be part of this funding initiative put in place by these world-class institutions and this clearly shows the level of commitment these institutions have placed in expanding the scope of investment in the agricultural sector in Africa. It is truly an amazing initiative and a welcome development.”
“Whilst working towards this funding support, we are keen to fast track the implementation of our multi-million dollar potato processing facilities in both Nigeria and Rwanda. Increase our processing capacity at the Potato Chips factory to 500kg an hour as well as complete our 5000kg potato fries and potato flakes factory in both Nigeria and Rwanda in record time.
“Off course this will go a long way in ensuring Africa’s food security agenda whilst creating jobs and stimulate economic activities in both countries and in the continent at large,” Andrew further said.
According to the executive chairman, through the loan support, the firm will be advancing some of its key projects which include their potato farm projects, pulses and ginger projects in Kaduna as well as Katsina.
“Cros Agro potato farm projects in Plateau state and Rwanda will receive huge boost by this funding thrust,” he said.
Josephine Okojie
