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U.S. firm to invest $250m in Nigeria's agric sector

30 July 2013, 12:01

Abuja - A U.S-based multinational food security company, Blumberg Grains, is to invest 250 million dollars in large scale food storage facilities in Nigeria, according to a statement.

The statement was issued by Greyne Anosike, Director (Press and Public Relations), Ministry of Agriculture and Rural Development in Abuja on Monday.

It said Dr Akinwunmi Adesina, the Minister of Agriculture and Rural Development, and Mr Philip Blumberg, Chairman Blumberg Grains, had signed the Letter of Intent (LoI) for the establishment of the facilities.

He quoted the minister as saying that the food storage facilities, when completed, would create, at least, 1,000 jobs and help boost food production.

"We are excited a company with the reputation and resources of Blumberg Grains chose to establish its West African production operations and processing facilities in Nigeria.

"This is a mark of confidence in the structural reforms of our agricultural sector.

"By manufacturing storage warehouses in Nigeria, farmers, agro-processors and financial services industry will be able to reduce post-harvest losses, improve market access and incomes across agricultural, value chains,'' Adesina said.

Adesina said that the Federal Government’s goal was to make the country a global powerhouse in food production and added that the facilities would further enhance Nigeria's regional position in agriculture.

The minister said that storage facilities would help reduce post-harvest losses.

He said the investment would increase exports of "Made in Nigeria" manufactured products and make the country an agribusiness centre for food safety and security.

The statement also quoted Blumberg as saying that Nigeria was a potential agricultural market and that the country would provide a significant opportunity for the company to establish its presence.

"We have been encouraged and impressed with Adesina and his staff, and state government officials’ assertiveness in attracting and supporting our investment programme.

"Our commitment is both a response to the G-8’s New Alliance for Food Security and Nutrition (NAFSN) programme, which aligns members’ support to Nigeria’s agricultural objectives as  well as to the country’s own commitment to promote a business enabling environment for both domestic and international private sectors," Blumberg said.

The News Agency of Nigeria (NAN) reports that Blumberg Grains is a leading U.S.-based food security company that provides integrated crop and food storage systems, technology and management.

The company works with private companies and countries to modernise agricultural value chains and to increase the quality and marketable output of harvests.

 - NAN

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