Kayode Tokede
British International Investment (BII) has announced it has signed legally binding documents to invest $15million in equity into a Singapore-headquartered agricultural commodities trading house, Valency International (Valency), to fund their expansion of processing and warehouse infrastructure in Nigeria.
The transaction is subject to regulatory approval and is expected to close in early 2024.
In addition to its commitment of $15 million, the UK’s development finance institution (DFI) and impact investor, has an option to invest a further $35million in equity into Valency within two years of completion of its initial investment.
UK Deputy High Commissioner, Jonny Baxter in a statement said: “The UK’s sustainable agriculture work in Nigeria helps to not only mitigate greenhouse gas emissions and adapt to a changing climate, but strengthens livelihoods and improves nutrition, supporting food security and poverty alleviation.”
Head of Office and Coverage Director, Nigeria for BII, Benson Adenuga in a statement also said: “The strategic opportunity to catalyse growth in Nigeria’s food and agricultural sector should be seized and offers the chance to leverage its immense food export potential. We are proud to deepen our commitment to food security and smallholder farmers in Nigeria while creating jobs that enable industrialisation and facilitate regional and international trade.”
Speaking, CEO of Valency International, Mr. Sumit Jain stated that: “We have been careful and deliberate in our choice of partners for the next phase of our growth. While we have been approached by a variety of investor groups, we chose to partner with BII as we have been impressed by BII’s engagement to the regions where we have committed to invest substantially over the medium term. Equally we are privileged that BII has chosen Valency to drive its impact agenda in Nigeria in the growing food and agriculture sector.”
