Norwegian Investment Fund (Norfund) has invested $12 million in the Local Nigerian Cocoa Processing Business with the aim to create jobs in Nigeria, while
The investment was through OH Ecosystems Limited, which successfully acquired a majority stake in FTN Cocoa Processors Plc. Norfund’s investment will upgrade FTN’s operating facilities and extend its reach to produce and sell additional products into the cocoa supply chain.
With 20,000 metric tons of installed capacity, FTN transforms cocoa beans into semi-finished products for commercialisation to global and local clients. Prior to this investment, FTN had been dormant and underutilised for several years. Norfund’s investment will upgrade FTN’s operating facilities and extend its reach to produce and sell additional products into the cocoa supply chain.
Investment manager at Norfund, Obafemi Awobokun said: “increasing the share of raw materials that are processed locally can create a large number of jobs that give the fast-growing population of Nigeria the opportunity to work their way out of poverty, and we are confident that this investment can contribute to this.”
Managing director of OH Ecosystems, Nathaniel Durant said: “We are thankful for Norfund’s partnership as we focus on building out value-add production in Nigeria. Having partners who are aligned over the long-term on both the financial and social impact of our work is extremely important. Together, we can contribute to Nigeria’s agricultural manufacturing with a focus on financial sustainability for farmers in the value chain.
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