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Olam invests N30bn in integrated animal farms

Date: 2016-04-10

 

Olam International, a leading agribusiness operating across the value chain in 70 countries, says it is setting up Nigeria’s largest integrated animal feed mills, breeding farms and hatchery with an investment of $150m (N30bn).

The ground-breaking programme was attended by Governor Nasir el-Rufai of Kaduna State; and the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, who represented President Muhammadu Buhari, a statement by the company said.

The Chief Executive Officer, Olam Africa, Mr. Venkataramani Srivathsan, was quoted as saying, “This is the latest investment by Olam in Nigeria’s domestic food and agricultural production sector after our recent investments in wheat milling assets and the ongoing development of our 10,000-hectare rice farm and mill in Nasarawa State.”

“This new venture into animal feed is a win-win for Olam and Nigeria. Domestically produced meat is being hampered by a lack of good quality feed, support for farmers and availability of young stock, but consumption is set to increase.”

He added that by investing in poultry and fish feed, the company could utilise the wheat bran from its wheat-milling operations, and maximise its sourcing networks to buy corn and soya from local farmers.

He added, “Our investment in the hatchery will help boost poultry production and, in the long run, help reduce the country’s reliance on imports. This development underlines the continued confidence we share in Nigeria’s ambition for self-sufficiency.”

Of the $150m investment, about $100m (N20bn) has been committed to building and operating the facilities in Kaduna, while $50m (N10bn) is for a second investment in an integrated poultry and fish feed mill located in Kwara State.

The statement by the Head, Corporate and Government Relations, Olam Nigeria, Mr. Ade Adefeko, said, “At full capacity, both feed mills are expected to produce in excess of 600,000 tonnes per annum of high-quality poultry and fish feed, with the Kaduna facility supplying mainly to the northern markets and the Kwara facility to the South-West region.

“The poultry breeding farm in Kaduna is expected to produce over one million hatching eggs every week for the hatchery.”


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