A cooperative society that offers loans or investment capital for cooperatives, small and medium-sized enterprises in developing countries, OIKOCREDIT has invested the sum of $3.5m in Valency Agro Nig. Ltd to support its cashew nuts processing and exportation, according to a statement.
The statement said the funding will help Valency Agro
Nigeria to expand its processing of raw cashew nuts into high-quality cashew
kernels for export and to better manage sustainability-related matters in the
company’s operations and value chain with respect to social and environmental
concerns.
Sumit Jain, CEO, Valency Group said in the statement that
the fund will support value addition, sustain over 1,000 jobs comprised of
mostly women; create more permanent and seasonal jobs, improve the livelihood
of smallholder farmers and their families; and support girl child education.
“In view of the expansion of production and processing of
cashew nuts into high-quality cashew kernels for export, the funding focuses on
long-term sustainable value creation that aims to align Valency’s interest
alongside stakeholders’ and the society especially our host communities.
“It will be recalled that our expansion program in agro
products such as sesame, cocoa, ginger, soya bean and black eye bean for export
which birthed five peeling centres fully equipped with the state-of-art modern
processing machinery in Ibafo and Abule-Oshun area of Ogun State resulted in
the employment of 400 female employees in addition to the existing 600 in our
workforce and also empowered them with the skills to perform.
“At a time as this where many households have lost their
livelihood due to the impact of the COVID-19 pandemic on the economy, we have
remained resolute in our commitment to continue to enhance the enterprise value
for shareholders and stakeholders alike which implies sustaining the well-being
of our people- our employees.” Sumit Jain, CEO, Valency Group said
In the same vein, Ufuoma Eghwerehe, Oikocredit’s Country
Manager for Nigeria, said: ‘’We are excited about our new partnership with
Valency Agro, Oikocredit’s first agriculture partner in Nigeria. Our loan will
boost their cashew processing capacity and value addition, generate employment,
especially for disadvantaged women, improve the livelihoods of smallholder
farmers and their families in this Covid-19 era, and make a positive social
impact in the communities we serve. With investments like these, Oikocredit can
help African countries move beyond relying on exporting raw products and
increase their trade in higher-value finished agricultural goods.’’
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