Pet Agro Farms said it would invest about N150million in production and processing of oil palm, cashew, soybeans and other agricultural production as part of its backward integration initiative to produce raw materials locally.
The agro firm said the initiative had become necessary in view of the ongoing forex crisis in the country, adding that it would be targeting foreign market to earn forex instead for the country.
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The director of the farm, Ms Rehab Danladi, while speaking with Daily Trust on Sunday in Abuja, said the farm was working closely with the Bank of Industry for local market production while talks are already ongoing with the Nigerian Export-Import (NEXIM) Bank to finance its export drive.
“There is the need for us to go to backward integration now; enough is enough for import. We will process and export 80 per cent, while 20 per cent will be for the local market. The waste of these products from palm kernel, soya bean and others can be converted to poultry feeds,” the director said.
Ms Dalandi said the investment would help Nigeria to reclaim its position as a leading global palm oil and cashew producer.
Currently, the total production of raw cashew in Nigeria is about 1.4million metric tonnes annually, which is far from the country’s potentials of over 10 million tonnes.
“The initiative will contribute to the country’s agricultural industry and provide good employment opportunities to Nigerians and ensure sustainable wealth creation through farming and education on wise investment,” Ms Dalandi said.
She said the firm would be buying from the farmers and would also provide hybrid seeds to help farmers scale up their productivity.
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