Oikocredit investment in Valency Agro Nigeria Ltd will create jobs and improve farmers’ livelihoods
The loan to the cashew processing company will generate more employment and improve the livelihoods of both rural women and smallholder farmers in Nigeria.
Oikocredit provided a three-year US$ 3.5 million loan to Valency Agro Nigeria Ltd, a subsidiary of international commodity traders, Valency International, to support the development of Nigeria’s cashew nut production and processing.
This investment will aid the agricultural processing, wholesaling and retailing of high-quality cashew nuts and kernels suitable for export. The investment will also sustain and create more permanent and seasonal jobs and aims to improve the livelihoods of smallholder cashew farmers and their families.
Ufuoma Eghwerehe, Oikocredit’s Country Manager for Nigeria, said: ‘’We are excited about our new partnership with Valency Agro, Oikocredit’s first agriculture partner in Nigeria. Our loan will boost their cashew processing capacity and value addition, generate employment, especially for disadvantaged women, improve the livelihoods of smallholder farmers and their families in this Covid-19 era, and make a positive social impact in the communities we serve. With investments like these, Oikocredit can help African countries move beyond relying on exporting raw products and increase their trade in higher-value finished agricultural goods.’’
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