In cooperation with the Government of Nigeria, Blumberg Grain has executed a Letter of Intent (LOI) for a $250 million investment program in the Nigerian agriculture sector. The investment includes a large scale production and distribution facility for Blumberg Grain’s food security storage warehouses, agricultural processing and packaging facilities, and investments in land and technology to create high-yield, high-efficiency farms.
After meetings with Government officials, including Nigerian Minister of Agriculture Akinwumi Adesina, Philip Blumberg, Chairman and CEO of Blumberg Grain remarked, “Nigeria represents one of the largest agricultural markets in the world, and provides a significant opportunity for our company to establish a major presence in West Africa. We have been encouraged and impressed with Nigerian Federal and State government officials’ assertiveness in attracting and supporting our investment program.”
The LOI is in accordance with, and supports, Nigeria’s efforts with regard to the G8’s New Alliance for Food Security and Nutrition program.
The first phase of the investment includes the establishment of a production facility for Blumberg Grain’s food storage warehousing systems, as well as an initial deployment of approximately 340,000 metric tons of crop storage capacity in Nigeria. The project is anticipated to commence in the third quarter of 2013, and will create 800-1000 new jobs in the agriculture and manufacturing sectors.
David Blumberg, VP of Blumberg Grain, remarked from Lagos, “The Federal Republic of Nigeria has ambitious goals to increase agricultural production by 15% by 2015. Reducing the estimated 30% loss in grain and estimated 50% loss in produce from post-harvest losses, due in large part to inadequate storage, would serve as the fastest and most efficient way to increase agricultural production.”
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