The management of Fatgbems Group has announced plans to process approximately 100,000 metric tons of cashew nuts annually, promote local production, and export across African countries such as Nigeria, Benin Republic, Cote d’Ivoire, and Tanzania through the Group’s agro-allied subsidiary.
Disclosing this during a media briefing in Lagos, the Chief Operating Officer of the Group, Mr Ayodele Odulaja, stated that the company had already acquired 250 acres of prime agricultural land in Ogun State as a way of achieving that vision and further strengthening local production.
“Nigeria is Africa’s second-largest producer of raw cashew nuts, after Cote D’Ivoire. As of February 2023, the annual production of cashew nuts in Nigeria stood at 300,000 metric tons.
Fatgbems Agro-Allied is poised to play a significant role in enhancing this figure and boosting Nigeria’s position as a key player in the global cashew industry,” he added.
Odulaja further explained that the conglomerate, in its pursuit of growth, embarked on a transformative journey by diversifying into different subsidiaries, such as Fatgbems Petroleum Company Limited, Fatgbems Nigeria Limited; Fatgbems Properties and Agro-Allied Company Limited.
In the agricultural sector, Odulaja maintained that the company plans to cater to the domestic market and facilitate exports within the African region by specializing in cashew production and processing.
“It is a testament to our commitment to sustainable development and our dedication to contributing to the growth of Nigeria’s economy,” he noted.
Odulaja noted that despite the trying economic times, the Nigerian business climate still holds a lot of opportunities for prospective investors and existing businesses.
Therefore, he reiterated the company’s resolve to leverage those opportunities to expand its business frontiers, with diverse interests in petroleum marketing, automotive services and tire trading/marketing, agro-allied, and real estate.
According to him, the company, which began its journey in January 1986 with a vision of catering to the surging demand for tires, had achieved a remarkable milestone by becoming the top distributor of Michelin & Dunlop tires in Nigeria.
“Building on the success and experience of Fatgbems Nigeria Limited, we expanded our horizons further by venturing into the petroleum industry. In 1994, Fatgbems Petroleum Company Limited was established.”
Odulaja maintained that the journey from a tire distributor to a diversified conglomerate attests to the company’s resilience, commitment to excellence, and unwavering dedication to customer satisfaction.
Another arm of the group is the Fatgbems Properties, which Odulaja said is committed to creating exceptional living and working spaces.