Olam International, a leading agri-business operating across the value chain in 70 countries announced that it is investing US$150m (approximately NGN30billion) to set up two state-of-the-art animal feed mills, poultry breeding farms, and a hatchery to produce day-old-chicks in Kaduna State in Nigeria.
At a co-hosted ground breaking ceremony held in state at the Chikpiri Gabas village in Chikun Local Government area, Olam Group Nigeria and Governor of Kaduna State, Malam Nasir el-Rufai, expressed confidence that the project will boost the economy of the state in no small measures. The groundbreaking event marked the commencement of works on the project site where Olam is setting up Nigeria’s largest integrated animal feed mill, breeding farms and hatchery.
In his remarks, Olam’s CEO for Africa, Mr Venkataramani Srivathsan, stressed that, “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. By investing in poultry and fish feed, we can utilize the wheat bran from our wheat milling operations, as well as maximize our sourcing networks to buy corn and soy from local farmers.
“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.”
According to him, “Of the $150 million in total investments, approximately $100 million (approximately NGN20billion) has been committed to building and operating the facilities in Kaduna State while US$50 million (approximately NGN10billion) is for a second investment in an integrated poultry and fish feed mill located in Kwara State.”