Local foreign consortium to invest $ 500 million in cassava processing in Nigeria

Local foreign consortium to invest $ 500 million in cassava processing in Nigeria

A team of technocrats and business development partners sponsored by the Zealhosts Project Bolt Consortium is investing $ 500 million in the cassava industry in Nigeria.

This was announced on Friday by Dr. Tony Bello, President of Shine Bridge Global and partner of the Zealhosts consortium.

He said private sector investment will be channeled through a program known as Project Bolt to quickly achieve the desired outcome.

The consortium partners were Zealhosts Consulting Services, Berwick Agro, ALTS Consulting, H2AFoods Nigeria and the American consulting company Shine Bridge Global with the support of AfricaGlobal Schaffer.

Bello said investors were delighted to enter into a strategic public-private partnership with the Federal Ministry of Industry, Trade and Investment.

The goal is to work together to revive the food and beverage industry in Nigeria, he said.

“As a team of technocrats and business development partners in Nigeria and the US, we focus on industrializing cassava into functional food ingredients for consumer packaged goods in Nigeria.

“Not only for Nigeria, but also for export to regional markets in West Africa, North America and Europe.

“We want to thank President Muhammad Bukhari for his visionary leadership of the Economic Sustainability Plan and his support for the FMITI National Industrial Plan and Zero Oil Plan under the leadership of Mr. Niyya Adebayo, Minister of Industry, Trade and Investment.

“We worked with Minister Adebayo, Permanent Secretary, Dr. Nasir Sani Gwarzo and Industrial Development Director, ministry officials to determine the terms of commitment and scope of work under the ministry’s industrial cassava production program,” he said.

Bello explained that six private sector partners in Nigeria and the United States are committed to ensuring the successful implementation of the Bolt project.

As in the case of Usain Bolt, he said, speed is important in the implementation of the program; we have completed the development of new food products such as snacks, crackers, shawarma and cassava pizza crust.

“Together we will tackle unemployment, we will create jobs for our youth, women and small farmers in Nigeria.

“We are bringing more than 750,000 new direct and indirect jobs into the Bolt project and have a presence in six states and plan to expand food production to at least 10 states in Nigeria,” he said.

Bello praised Bukhari’s efforts to move Nigeria towards economic diversification through food and agricultural industrialization.

He said investors have come to provide technical and commercial leadership in food and agribusiness through joint investment in manufacturing.

He said investors will apply global food safety initiatives and stimulate export markets to drive import substitution and profit from Forex.

Source: – Pulse Ng

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