Agricorp International invests $9.7 million in poultry production
Agricorp is set to produce over 40 million birds in Nigeria by 2025, create over 100,000 jobs through its Poultry Development Program and commits to invest NGN 20 billion over the next four years into poultry production.
Agricorp International said it has invested ₦4 billion (~$9.7 million) in acquiring poultry production facilities. This investment would provide employment opportunities and contribute to reducing the poultry meat deficit in Nigeria.
Launched in 2018, Agricorp specialises in the production and processing of spices. And it has empowered over 5,000 smallholder farmers, provided them with better market access to sell their produce, and helped increased their income by 20%.
This ₦4 billion investment in poultry expands Agricorp portfolio to include livestock production, processing and export. And through its Project Eclipse 2025, it would equip Nigerian youths with skills and capacity and give them opportunities to join the agricultural value chain.
With Project Eclipse 2025, Agricorp aims to invest over ₦20 billion in the production, processing and eventual export of poultry products. This investment is expected to provide direct and indirect employment for up to 100,000 Nigerian youths by 2025. It will also aid the promotion of sustainable economic growth for the country, reduce the pressure of importing poultry products and provide productive employment and decent work for youths, 50% of whom will be women.
Having executed the pilot phase of its poultry programme in Q3 2021, Agricorp achieved mortality rates of between 5–7% across its various farm locations with an overall 100% off-take rate from its partners who are major stakeholders in the poultry processing value chain.
According to Kenneth Obiajulu, Agricorp’s Co-Founder and CEO, “The rising inflation rate in food and agricultural produce poses a challenge that stares us in the face. Our dependence on imported food items also contributes to the pressure on foreign exchange. Investing ₦4 billion in 142 poultry pens across Kwara, Kogi and Nasarawa states will boost local poultry production by at least 3 million poultry birds per annum. At kickoff, the project will create a minimum of 1,500 jobs and contribute slightly to easing the pressure on foreign exchange caused by the importation of poultry into the country".
Wale Omotimirin, Agricorp’s Co-Founder also said, “This is a massive project for the business. We have an ambitious goal to produce 40 million poultry birds by 2025, which will represent approximately 4% of the projected annual demand. We have demonstrated good faith by making our first commitment and investment. By Q2 2022, we will commence the second phase of deploying additional resources to hit two times our current capacity. We are taking on the mandate to help improve the economy the best way we know how to - through agriculture”.
According to a 2019 report by the Central Bank of Nigeria, it was estimated that over 1.2 million MT of poultry meat is smuggled into Nigeria from Benin Republic. This opens a huge gap in the poultry market and Agricorp is ready to help close up this gap.
Over the next four years, Agricorp will be building over 1,000 poultry pens with a projected capacity of 10,000 birds each. This will strengthen Agricorp's ability to produce its targeted 40 million poultry birds by 2025 and build the local capacity of Nigerians by creating entrepreneurial opportunities which is critical to achieving these goals.
About Agricorp International
Agricorp International is a Nigerian agro-processing company that is enhancing agricultural production across livestock farming and spices production. It uses its proprietary technology to aggregate spices (ginger, turmeric, garlic, chilli pepper, and sesame) from smallholder farmers in Nigeria, process them into various products, and export them to major buyers in the Middle East, Africa and Asia.
Agricorp recently raised $17.5m from equity investors in its series A funding round to become the largest spices export startup in Africa. It is building processes to enhance global food systems.
To learn more about Agricorp International, please visit www.agricorpinternational.com