The British International Investment (BII), the United Kingdom’s development finance institution and impact investor, has announced its plan to invest $15 million in equity into Valency International, a Singapore-based agricultural commodities trading house. This investment is aimed at supporting the expansion of processing and warehouse infrastructure in Nigeria.NYSC Portal
In a statement released on Tuesday, BII detailed that this funding initiative is part of its broader strategy to bolster the agricultural sector in Nigeria. The investment, which is still subject to regulatory approval, is expected to be finalized in early 2024.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaBeyond the initial commitment of $15 million, BII has also reserved the option to invest an additional $35 million in equity into Valency International within two years following the completion of its initial investment.JAMB Result
This potential further investment underscores BII’s long-term commitment to supporting agricultural development and infrastructure in Nigeria.
“The support will create up to 2,800 jobs for low-income workers across the country. It will also provide market access indirectly to a further 60,000 smallholder farmers and boost agricultural output and export. The new Valency facilities, funded by BII will strengthen partnerships with local farmers and processing centers to maximize their output and provide a more stable supply of premium-quality products,” the statement read in part.
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“Crop production is the largest segment within agriculture and it accounts for about 87.6 per cent of the sector’s total output. BII, as the first institutional investor in Valency, will provide value-added support to the company in developing best practices in business integrity and Environmental and Social Management Systems. Both parties will work closely to improve job quality and gender inclusion and enhance value creation,” he said.
Speaking on the investment, UK Deputy High Commissioner, Jonny Baxter, said “The UK’s sustainable agriculture work in Nigeria helps to not only mitigate greenhouse gas emissions and adapt to a changing climate, but strengthens livelihoods and improves nutrition, supporting food security and poverty alleviation.informationguidenigeria
I am excited to welcome this new UK investment to help enhance Nigeria’s food processing capabilities, which will create jobs across the nation. We look forward to continuing to support Nigeria’s agriculture sector and the opportunities this provides for its economic growth,” Baxter said.
Also speaking, the Head of Office and Coverage Director, Nigeria for BII, Benson Adenuga, said, “The strategic opportunity to catalyze growth in Nigeria’s food and agricultural sector should be seized and offers the chance to leverage its immense food export potential. We are proud to deepen our commitment to food security and smallholder farmers in Nigeria while creating jobs that enable industrialization and facilitate regional and international trade. We are delighted to partner with Valency, and we look forward to the significant impact and economic development that our catalytic capital will support,” Adenuga explained.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaEarlier, the Chief Executive Officer of Valency International, Mr. Sumit Jain, said “We have been careful and deliberate in our choice of partners for the next phase of our growth. While we have been approached by a variety of investor groups, we chose to partner with BII as we have been impressed by BII’s engagement in the regions where we have committed to invest substantially over the medium term. Equally, we are privileged that BII has chosen Valency to drive its impact agenda in Nigeria in the growing food and agriculture sector,” he concluded.
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