A cashew processing firm, Valency Agro Nigeria Limited has said it received $3.5m funding from social impact investor and worldwide cooperative, Oikocredit, to support cashew nuts processing, exportation and sustainable corporate governance.
The CEO, Valency Group, Mr. Sumit Jain, said in a statement that the funding by Oikocredit to Valency Agro Nigeria Limited will help the company expand its processing of raw cashew nuts into high quality cashew kernels for export and to better manage sustainability-related matters in the company’s operations and value chain regarding social and environmental concerns.
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Jain said the fund will support value addition, sustain over 1000 jobs comprising mostly women, create more permanent and seasonal jobs, improve the livelihood of smallholder farmers and their families; and also support girl child education.
He said, “In view of the expansion of production and processing of cashew nuts into high quality cashew kernels for export, the funding focus on long-term sustainable value creation that aims to align Valency’s interest alongside stakeholders’ and the society especially our host communities.
“It will be recalled that our expansion program in agro products such as sesame, cocoa, ginger, soya bean and black eye bean for export which birthed five peeling centers fully equipped with the state-of-art modern processing machinery in Ibafo and Abule-Oshun area of Ogun State resulted in the employment of 400 female employees in addition to the existing 600 in our workforce and also empower them with the skills to perform.
“At a time as this where many households have lost their livelihood due to the impact of the COVID-19 pandemic on the economy, we have remained resolute in our commitment to continue to enhance the enterprise value for shareholders and stakeholders alike which implies sustaining the well-being of our people- our employees.”
Also, Oikocredit’s Country Manager for Nigeria, Ufuoma Eghwerehe, said, “We are excited about our new partnership with Valency Agro, Oikocredit’s first agriculture partner in Nigeria. Our loan will boost their cashew processing capacity and value addition, generate employment, especially for disadvantaged women, improve the livelihoods of smallholder farmers and their families in this COVID-19 era.
“This will also make a positive social impact in the communities we serve. With investments like these, Oikocredit can help African countries move beyond relying on exporting raw products and increase their trade in higher-value finished agricultural goods.”
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