Norfund boosts Nigerian investments, enhancing thousands of cocoa farmers' lives

Norfund, a Norwegian investment Fund for developing countries, has announced plans to increase its investment in Nigeria to create more jobs and improve lives of over 6000 Cocoa farmers in Nigeria.

The 26-year-old financial institution looks to partner with more organisations in Nigeria to create value-added opportunities addressing financial inclusion, renewable energy, Green infrastructure and scalable enterprises.

During a virtual press conference, Norfund’s Regional Director for West Africa, Naana Fynn, disclosed that despite the current economic meltdown, Norfund looks to increase her investment in Nigeria, contribute to sustainable economic growth, enhance institution building, and positively impact social development.

“We would like to do more in Nigeria and partner with more organisations to create value added opportunities,” Ms Fynn revealed.

While addressing the recent investment that Norfund has made in Nigeria, the Investment Manager at Norfund, Mr Awobokun Obafemi, revealed that the $12 million investment in OH Ecosystems Ltd will boost Nigeria’s cocoa production and create more jobs.

In addition to creating more jobs, Norfund’s investment will see to the upgrade of an existing Cocoa facility in Ibadan, Oyo State, Nigeria, which will improve Nigeria’s place in Cocoa production globally.

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“Eighty per cent of cocoa beans are produced in West Africa, and Nigeria and Cote d’Ivoire are competing in the third place of Cocoa production in Africa.

“Therefore, with the investment on OH Ecosystem, which acquired FTN, there are plans to upgrade the existing 20000 metric tonne cocoa facility in Ibadan to meet the Cocoa production demand,” Mr Awobokun announced.

Mr Awobokun emphasised that “increasing the share of raw materials that are processed locally can create a large number of jobs that give the fast-growing population of Nigeria the opportunity to work their way out of poverty.”

Ms Fynn also restated that the importance of “Norfund’s investments in Nigeria is its ability to create more jobs that will allow Nigerians to earn a decent pay and living standard.

The impact of Norfund’s current investment in OH EcoSystems is projected to impact about five hundred thousand(500,000) farmers and an estimate of 6000 farmers between Osun and Oyo State will benefit in training, inputs, digitalisation and increased earning that will result from engaging with OH Ecosystem.

Norfund is owned and funded by the Norwegian government and is the government’s principal instrument for strengthening the private sector in developing countries.

Its primary goal is to drive development through private-sector investments and job creation.

Norfund’s investments and expertise are focused on four investment areas and particular countries in three investment regions – where capital is scarce, and development impacts are strong.

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