Cros Agro boosts potato sector with $65m investment


Cros Agro Allied Limited, a Nigerian agribusiness company, has announced plans to invest $65 million in Nigeria’s potato sector. In the long term, this should help create over 30,000 jobs in the potato value chain, generate up to $300 million in foreign exchange and create outgrower opportunities for 5,000 farmers.


Olusegun Paul Andrew, CEO of Cros Agro Allied, who made the announcement said: “this investment commitment is in line with our overarching goal to help build sustainable and inclusive agribusiness in Nigeria. This project seeks to contribute to the government’s target of increasing potato production to reach 450,000 metric tonnes in five years.”


In the same framework, the company has also outlined plans to increase its processing capacity, mainly by acquiring new equipment and farm machinery. These will be used to support the production of potatoes which it plans to increase by expanding its production area to 900ha.


According to Andrew, the company will execute the investment through activities including active engagement with stakeholders in the sector, support for local farmers to access potato seeds to enable their participation in the company’s outgrower scheme and create new opportunities for youth employment.


He said Cros Agro hopes to create 1,500 jobs in 2017.



Ecofin Agency

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