Here’s the latest in ESM’s regular series, Notes From Africa, which brings you the latest retail, consumer goods, and food-and-beverage stories from across the African continent. Past editions can be found here.
Nigeria: AFEX Secures $26.5 Million in Financing
AFEX Commodities Exchange (AFEX), Nigeria's inaugural private exchange for agricultural commodities, has acquired $26.5 million from British International Investment (BII). With this financial backing, the company intends to invest in the construction of an additional 20 modern warehouses in Nigeria, Kenya, and Uganda.
These new warehouses are projected to offer a storage capacity of 230,000 tonnes. Furthermore, a portion of the funding will be allocated to establish a soybean processing plant in Nigeria and a drying facility in Uganda.
Kenya: Mango Processing Plant Unveiled
In Kenya, a mango processing plant has been inaugurated in Hola, situated in Tana River County. Developed by the Coastal Area Development Authority (CDA) at a total cost of 245 million shillings ($1.6 million), the unit houses a mango pulp production line with a capacity of 1.5 tonnes per hour and a waste management system.
According to local media reports, the pulp will be marketed locally under the 'Tana Gold' brand. The plant is expected to enhance added value in the county, where 70% of production is sold in fresh form.
Uganda: Nile Breweries Commissions Barley Processing Plant
In Uganda, Nile Breweries Limited (NBL) has launched a barley cleaning and drying unit in the Kween district in the east of the country. The new facility required a total investment of 4 billion shillings ($1 million).
With a capacity to dry and store 250 tonnes of barley a day, it is anticipated to assist over 5,000 barley growers in reducing post-harvest losses, which currently affect 35% of the crop.
Côte d’Ivoire: Quang Thien Imex To Double Processing Capacity
In Côte d'Ivoire, agricultural firm Quang Thien Imex S.A. plans to double its processing capacity by 2024. This expansion aims to process nearly 70,000 tonnes of cashew nuts across its two factories.
Established in 2009, the company seeks to strengthen its position in Côte d’Ivoire, which is the world's third-largest cashew processor after Vietnam and India. It currently employs 600 people in the country.
Tanzania: TPC To Invest In Molasses Processing
In Tanzania, Tanganyika Planting Company (TPC) is contemplating an investment in the construction of a molasses processing plant. The project, expected to cost between 112.5 and 125 billion shillings ($45 and $50 million), will be located in Moshi, Kilimanjaro region, near TPC's sugar manufacturing plant.
Construction is scheduled to commence in 2024. It's worth noting that TPC presently produces over 116,000 tonnes of sugar annually, controlling approximately 30% of the sugar market.
Nigeria: Sunora Foods To Invest $100 Million in Oilseeds
In Nigeria, Canadian edible oil company Sunora Foods intends to invest $100 million to enhance oilseed production and processing in Edo state. The project includes the acquisition of 15,000 hectares of farmland starting in January 2024, the installation of a soybean crushing unit, and the construction of an edible oil refinery with a capacity of 1,200 tonnes per day.
The company also plans to establish an edible oil bottling line and an animal feed processing plant. This new investment by Sunora Foods is expected to generate more than 25,000 direct and indirect jobs once fully implemented.
Article by Espoir Olodo