SWAgCo Signs N10bn Joint Ventures with Three Multinationals to Boost Agricultural Output
South West Agricultural Company Limited (SWAgCo), the agribusiness investment arm of Odu’a Investment Company Limited (OICL), has secured N10 billion in joint ventures with three multinational firms to drive agro-industrialization in South-West Nigeria.
Key Partnerships and Investment Breakdown
The company has partnered with Starlink Global & Ideal Limited, PETAGULS Cultivars & Seedling Technologies Ltd, Foodlocker Limited, and the British American Tobacco Nigeria Foundation (BATNF). Westlink Integrated Agriculture Limited, SWAgCo’s implementing partner, will also play a crucial role in the projects.
N4.6 Billion Cocoa Plantation Venture
A major component of the investment is a N4.6 billion cocoa plantation joint venture with Starlink Global & Ideal Limited and PETAGULS. The five-year project will be located at either the Odu’a Agro-Industrial Hub in Oke-Ako, Ekiti State, or Akunnu, Ondo State, pending final land validation.
The initiative will begin with a 100-hectare pilot phase in the first year, expanding to 1,000 hectares by the fifth year. SWAgCo anticipates the project will create thousands of jobs, stimulate local economies, and enhance food security through sustainable irrigation practices.
N5.2 Billion Maize, Soybeans, and Beef Production
In a separate deal, SWAgCo has partnered with Foodlocker Limited on a N5.2 billion venture for integrated maize, soybeans, sorghum, and beef production at the Odu’a Agro-Industrial Hub in Imeko, Ogun State. The three-year project will start with 200 hectares in the first year, scaling to 1,000 hectares by the third year.
Foodlocker, an AgriTech startup backed by Founders Factory Africa and the African Development Bank, brings expertise in agriculture, operations, and data science to the project.
BATNF’s Maize Production Support
Additionally, SWAgCo has secured a ₦65 million maize production program with BATNF at the Oke-Ako, Ekiti State hub. The initiative includes a ₦32 million revolving grant to support smallholder farmers with training, inputs, and market access, benefiting at least 100 farmers.
Economic and Social Impact
These ventures are expected to:
- Generate employment opportunities
- Boost food security
- Enhance rural livelihoods
- Drive sustainable economic growth in South-West Nigeria
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