Valency Agro Nigeria Ltd, the third-largest non-oil exporter in Nigeria, has commissioned a state-of-the-art supply chain complex in Ibadan, Oyo State, as part of efforts to boost Nigeria's long-standing quest for agricultural self-sufficiency, food security, industrial growth and greater employment opportunities for her teeming youths.
The company also laid a foundation block for a multi-billion Naira processing plant for agro products to be completed in two years. The two facilities are situated in 40 acres of land which is about 30 football fields.
It was learnt that British International Investment injected an initial $15 million into Valency International Group, a Singaporean-based agricultural commodities trading house, with an option to invest an additional $35m within two years of the initial investment.
The event, which held at Elebolo village along the Lagos-Ibadan Expressway on the outskirts of Ibadan, was graced by a cross-section of dignitaries drawn from industry, government, the diplomatic community, representatives of the local community and the general public.
The Group Chairman of the Valency Group, Mr Praveen Kumar Jain, described the occasion as the culmination of a dream that took concrete shape back in 2022 and was pursued with extraordinary vigour, passion and commitment.
The event, he said, was a natural progression from its activities, which has seen the company establish its footprint in 34 states across Nigeria. When fully operational, he disclosed, the supply chain complex would employ over 10,000 persons--over 60 per cent of whom would be female and many of whom would be drawn from the immediate catchment area.
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Kumar Jain also listed other expected benefits of the complex as follows: increased export revenue for Nigeria; a far-reaching value-add profile for a wide range of agricultural produce; import-substitution for agro-chemicals; skill development and professional growth opportunities for workers; sustainable procurement processes; more robust participation in the value chain by farmers and suppliers; and greater impact on the integration and sustainability of the Nigerian economy.
On his part, the Deputy High Commissioner of the UK to Nigeria, Jonny Baxter, hailed the involvement of BII in the project, describing it as a veritable platform to access the entire agricultural (processing and export) ecosystem at a go.
Baxter called on Valency Agro Nigeria Ltd to use its expertise and resources to advance ideas aimed at enhancing nutritional awareness and high yield among Nigerians generally, and farmers in particular.
