South West Agricultural Company Limited (SWAgCo), the agribusiness investment vehicle of Odu’a Investment Company Limited (OICL), has signed a N10 billion Joint Ventures with three multinational companies in pursuit of its goal to agro-industrialise South-West Nigeria.
SWAgCO entered into partnerships with Starlink Global & Ideal Limited and PETAGULS Cultivars & Seedling Technologies Ltd and Foodlocker Limited, and British American Tobacco Nigeria Foundation (BATNF).
The project is also expected to involve Westlink Integrated Agriculture Limited, the implementing partner, an operating portfolio company of SWAgCo.
One of the major parts of the investment is a N4.6 billion Cocoa Plantation Joint Venture with Starlink Global & Ideal Limited and PETAGULS.
Read also: Odua, NPO to deepen job creation, MSMEs growth in South West
The project, which will run for five years, will be sited at either the Odu’a Agro-Industrial Hub in Oke-Ako, Ekiti State, or Akunnu, Ondo State—subject to final land validation.
It will commence with a 100-hectare pilot phase in the first year, scaling up to 1,000 hectares by the fifth year.
According to SWAgCo, the cocoa project is expected to generate thousands of direct and indirect jobs, stimulate local economies, improve livelihoods, and encourage sustainable development. It will also harness existing irrigation infrastructure to enhance food security and support long-term regional growth.
Starlink Global & Ideal Limited brings over four decades of expertise in international cocoa trading and African commodity markets, while PETAGULS specialises in advanced cocoa seedling production and agricultural consultancy.
The company is backed by a team of seasoned professionals drawn from reputable
local institutions, while Petaguls Cultivars & Seed Technologies Limited is a specialised agricultural consultancy and seedlings supply company with advanced knowledge in cocoa seedling production and multiplication.
Read also: We should develop, adapt homegrown models to promote MSMEs – Odua chairman
In another deal, SWAgCo will be partnering with Foodlocker Limited in a N5.2 billion venture for the integrated production of maize, soybeans, sorghum, and beef at the Odu’a Agro-Industrial Hub in Imeko, Ogun State. The investment is for three years.
The project will start with 200 hectares in Year 1 and scale up to 1,000 hectares by Year 3, with a plan to incorporate an SPV in the first year.
The project will improve livelihoods, stimulate community growth, and utilisation of the available irrigation water will boost food security, drive infrastructure development, and contribute to sustainable economic progress in the South-West region.
Foodlocker Limited was founded in December 2017 by ex-Amazon and ex-Bunnings Warehouse millennials with over 25 years of experience in Agriculture, Operations Management, Finance, Marketing, Sales, Data Science and Engineering. Foodlocker is backed by Founders Factory Africa, the African Development Bank and local VCs.
They are also the first AgriTech startup to win the diamond prize at the prestigious Impulse Accelerator Program, an initiative driven by OCP Group (the World’s largest Phosphate fertiliser company), OCP Africa, UM6P of Morocco, Mass Challenge Boston and Mass Challenge Switzerland.
The company is the first African AgriTech/FoodTech startup to have been selected by SVG Ventures in Silicon Valley, San Francisco.
Read also: Odua Investment backs Iwosan to reverse medical tourism
The venture with BATNF is a ₦65 million maize production program on fifty hectares at Odu’a Agro-Industrial Hub, Oke-Ako, Ekiti State, aimed at providing smallholder farmers with credit, inputs, training on good agricultural practices, cultivation, harvesting, storage services and marketing services.
The project, which includes a 2-year ₦32 million revolving grant from BATNF, is expected to enhance the production capacity, skills development, access to inputs, access to market and increase the income of maize farmers in rural communities.
It will also support at least 100 smallholder farmers in cohesive cooperative groups, with each farmer empowered to cultivate a model maize farm of at least half a hectare.
Part of the objectives of BATNF is to empower rural Nigeria for a sustainable future through agribusiness development.
