09 Apr 2014 As Nigeria seeks to diversify its income streams with greater focus on non-oil sources and with the IMF’s prediction that trade and agriculture will drive growth in 2014. One company in South Africa is aiming to ensure that it will be at the forefront of the agricultural revolution.
Agri-Vie, a South African private-equity firm based in Cape Town, is seeking opportunities in Nigerian food companies. The fund has investments in 12 African food businesses and is aiming to push its investment fund from two hundred and eighty five million dollars to five hundred million dollars. It currently has investments in South African salad producer Dew crisp and Ethiopia’s Africa Juice and plans to spread its focus to West Africa, looking at countries like Ghana, Senegal and Ivory Coast. In Nigeria, it will be looking at companies that process grains, dairy, fruits, poultry and fast food.
Executive Director Avril Stassen is quoted as saying “There are a lot of locally produced foods in Nigeria, with limited processing. It is also an area our team has skill and experience in. The scope for growth is wide. He goes on to say ““We are interested in companies that are already profitable. Companies that will add value to local production and by that promote food security.”