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United Kingdom Set to Invest $15 Million in Nigeria's Agricultural Sector

Oguntade Adedoyin

Dec 14, 2023 — 1 min read

British International Investment

The United Kingdom's development finance institution, the British International Investment (BII), has revealed its intention to invest $15 million in equity in Valency International, an agricultural commodities trading house headquartered in Singapore.

The investment aims to support the expansion of processing and warehouse infrastructure in Nigeria. BII stated that regulatory approval is required for the transaction, which is anticipated to be finalized in early 2024. Additionally, British International Invest has the opportunity to invest an additional $35 million in equity in Valency within two years following the completion of its initial investment.

The assistance will generate employment opportunities for low-income workers nationwide, potentially creating up to 2,800 jobs. Moreover, it will indirectly benefit an additional 60,000 smallholder farmers by providing them with market access, which will contribute to the growth of agricultural output and exports.

According to BII, the investment in the new Valency facilities will strengthen partnerships with local farmers and processing centers, bringing about increased productivity and a more reliable supply of high-quality products.

The British International Investment highlighted the significance of agriculture in Nigeria's economy, as it accounts for a quarter of the gross domestic product and employs over one-third of the population. However, the local agricultural sector still lacks adequate development in terms of food processing and manufacturing.

Within the agricultural sector, crop production is the most substantial segment, contributing approximately 87.6% of the sector's total output.

As the first institutional investor in Valency, BII aims to provide comprehensive support to the company in areas such as business integrity, environmental management, and social systems. Both parties will collaborate closely to enhance job quality, promote gender inclusion, and foster value creation.

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