South African Firm To Invest In Nigerian Food Businesses

Agri-Vie, a South African firm based in Cape Town, is seeking opportunities in the food subsector. Accordiing to its Executive Director, Avril Stassen, the firm, which has investments in 12 African food businesses, plans to target companies involved in the processing of grains, dairy, fruits, poultry and fast food in Nigeria. He stated Nigeria's 170 million people provide a major market for processed food. “There are a lot of locally produced foods in Nigeria, with limited processing,” he stated in Lagos. “It is also an area our team has skill and experience in. The scope for growth is wide.” Agri-Vie plans to more than double the size of its investment fund next year to $285 million from $110 million and reach $500 million in the next decade, Stassen stated. Its focus will spread to West African countries, including Ghana, Senegal and Ivory Coast. Other investments include South African salad producer Dew Crisp and Ethiopia’s Africa Juice. The company is willing to invest about $12 million in each business, without setting a specific number of targets. “We are interested in companies that are already profitable,” Stassen stated. “Companies that will add value to local production and by that promote food security “As the Nigerian economy grows, we expect more companies here to require growth capital,” he aadded.