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Washington DC, September 16, 2016
—IFC, a member of the World Bank Group, will lend $25 million to support the expansion and modernization of Promasidor Nigeria Limited (PNL), a leading Nigerian dairy and seasoning products company targeting low- and middle-income consumers.
IFC’s financing will support purchases of new machinery that will enable PNL to increase efficiency, expand production and develop new products, leading to greater availability of nutritious food products in Nigeria at competitive prices. PNL is a subsidiary of Promasidor Holdings limited (the Company), a leading pan-African consumer goods company operating in 25 countries across the continent. The Company was founded in 1979 in the Democratic Republic of Congo by Mr. Robert Rose, who pioneered formulations and packaging of dairy products which extended shelf life and made them more accessible and affordable for millions of low-income consumers.
“This is a very competitive market for food products. We expect that this investment will help us optimize production costs, enabling us to reach and nourish more consumers with our affordable range of quality products. We will also target our portfolio extension by gradual integration of more locally sourced raw materials from producers in Nigeria and widening our network of distributors,” said PNL CEO Olivier Thiry.
Mary-Jean Moyo, IFC Head of Manufacturing, Agribusiness and Services for sub-Saharan Africa said, “Agribusiness is Nigeria’s largest employer. Increasing investment in food-processing companies like PNL will help diversify Nigeria’s economy and improve nutrition by expanding the supply of affordable food.”
IFC invests in Agribusiness to enhance productivity with the goals of greater food security, higher rural incomes, and improving environmental and social sustainability. Today the average African farm performs at just 40 percent of potential. But by 2030, Africa’s agriculture and agribusiness market is expected to triple in value to reach $1 trillion. Africa needs more than $10 billion in new investment annually to achieve this aspired expansion of output.
In the fiscal year ended in June 2016, IFC’s overall, long-term investments in sub-Saharan Africa totaled nearly $3.7 billion, including more than $1.8 billion mobilized from other investors. IFC clients provided 240,000 jobs, supported nearly 1.2 million farmers, and treated nearly 960,000 patients.
About Promasidor
PNL, makers of Cowbell Milk, Loya Milk, Onga food seasoning and Top tea, commenced operations in Nigeria in March, 1993. Its profound success in its first year grew its staff strength to 190 people, providing quality dairy and seasoning products to millions of Nigerians while the Cowbell Milk brand became a household name. As market success grew, a passionate work force continued to explore the market potential and drive innovation in manufacturing, packaging and distribution of its products pan Nigeria. For more information, visit
www.promasidor-ng.com
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About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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