Olam Agri, a leading agribusiness in food, feed, and fibre in Nigeria, has announced its commitment to invest about N6.5 billion in the next four years to boost sustainable social investment in Nigeria......See Full Story>>.....See Full Story>>
This is in line with its policy thrust to develop the country’s agric sector seamlessly. Specifically, the agric firm pointed out that the N6.5 billion would be channeled to various corporate responsibility and sustainability investment strategy to deepen its social, environmental, and economic development impact within the country in the proposed four-year development plan.
However, the areas of investment target are in the portfolio of rice, wheat milling and pasta, animal feed and protein, sesame, cotton, and edible oils from 2024 through 2028.
Country Head, Olam Agri in Nigeria, Anil Nair, dropped this hint when he led a high-level delegation on a courtesy visit to the Lagos State Executive Governor, Babajide Sanwo-Olu, recently.
Nair explained that the visit was to demonstrate Olam Agri’s commitment to sustainable socio-economic interventions and addressing the current food inflation and market challenges in the country.
According to him, it’s significantly key to expanding its CR&S investment strategy to deepen its social, environmental, and economic development impact within the country.
He noted that the company had committed to a four-year development plan, allocating approximately ₦6.5 billion to various CR&S initiatives, adding that these initiatives were designed to drive socio-economic growth within the communities where it operates.
“These initiatives are part of the award-winning Seeds for the Future (SFTF) programme – Olam Agri in Nigeria’s flagship sustain – ability effort designed to foster a brighter future for all, Nair said, adding that “the initiative focuses on five key areas: supporting farmers and farming communities, enhancing education and skill development for young people, economic empowerment of indigent women, promoting health and nutrition, and reducing carbon emissions across its operations.”
The Olam Agri in Nigeria helmsman stated that the expanded investment commitment would support Olam Agri’s purpose for sustainable development across its business portfolio of rice, wheat milling and pasta, animal feed and protein, sesame, cotton, and edible oils from 2024 through 2028.
He said: “For instance, in 2024 alone, the agribusiness plans to invest about $1.07 million into initiatives, which has already seen the presentation of education grants to 15 qualified students from the University of Lagos.
“In January, awarding scholarships to 87 underprivileged students in Nasarawa State in June, manual harvesters for wheat farmers in Jigawa and empowering 118 agri-extension workers in Kwara State in July.
“In addition, the Country Head of Olam Agri in Nigeria, stressed that significant provisions in the four-year plan also include small holder farmer capacity building in rural communities to strengthen food security, rural road rehabilitation to reduce disruption of the value chain, distribution of harvesters to reduce post-harvest loss, participation in public-private partnerships in seed and product R&D, among others.”
Speaking further, he stated: “As a business founded in Nigeria over 34 years ago, we are committed to investing in initiatives that positively transform lives and impact the livelihoods of our host communities while scaling food production in the country.
“We are dedicated to turning our priorities into action by implementing key sustainability initiatives across our value chain to advance the current administration’s Renewed Hope Agenda.
Our four-year implementation plan aims to make a real impact that benefits all.” During the visit, he also sought partnerships with the state government to deepen investments for expanded food production and job creation, given the state’s strategic economic importance.
In his remarks, Governor SanwoOlu commended Olam Agri for driving productivity in the agricultural value chain and stressed the need for continued support.
He stated: “Olam Agri has positioned itself as a prominent leader in Nigeria’s agricultural industry. This meeting provided a great platform to exchange insights and discuss ways to strengthen our contributions to this crucial sector.
“Agro and food processing is a critical industry because food security is as vital as medical security or sovereign security in times of conflict. There is no greater security today than food security.”