NIGERIA-Golden Agri – Inputs Limited (GAIL), a subsidiary of Flour Mills of Nigeria Plc (FMN), has received 562.9 million naira (US$1.23M) in co-investment grants from Trade and Investment Hub (Trade Hub)- a USAID-funded initiative in West Africa.
GAIL is co-investing over 3 billion naira (US$ 6.7M) into the agricultural productivity initiative which targets to help 10,000 small holder farmers to increase the productivity of maize and soybean and minimize post-harvest losses.
According to a statement from FMN, the initiative dubbed ‘Yalwa Abundance,’ will engage the small holder farmers in an out-grower program to cultivate 10,000hectares (Ha) of land.
The farmers, 30% being female and young farmers respectively, will be provided with improved agronomic trainings, extension support, and input loans.
FMN expects the project to generate 22,500 Metric tons (MT) of maize and 12,500MT of soybean. The project is also designed to create 151 new jobs thereby helping to bridge the unemployment gap in the country.
“GAIL’s co-investment with the Trade Hub to expand its “YALWA” project and to provide input credit to 10,000 smallholder farmers across four states in Nigeria is an invaluable venture for both the organization and the nation”, explained Mr. Boye Olusanya, Group Managing Director/CEO of FMN.
“This is strategic for us as a Group to progressively drive local content development in Nigeria so as to ensure that the national mandate of attaining food self-sufficiency in the nearest future is attained.”
The Trade Hub initiative
In addition to food self-sufficiency, the partnership will assist Trade Hub in promoting and expanding employment, trade & export, and investment opportunities both within the west African region and International markets.
The Hub catalyzes economic growth through co-investing with the private sector to generate new investments, create new jobs, and increase the value of regional and international exports in West Africa.
“The Trade Hub strives to promote and expand employment, trade & export, and investment opportunities both within the West African sub-region and international markets” stated Mr. Robin Wheeler, Chief of Party, Trade Hub
“Having closely followed the investments made by FMN through its subsidiary GAIL, especially with the level of success recorded under the ‘Yalwa Abundance’ program, we strongly believe that this partnership will positively transform Nigeria’s food security and boost the local production of maize and soybean”.