Nigeria’s leading Agritech investment platform, Farmcrowdy, has revealed that it would commence a retail meat market in the country in the second quarter of 2020 as it acquires Best Foods L&P Limited, one of the country’s largest meats processing companies.
According to Onyeka Akumah, founder and chief executive of Farmcrowdy, the company will leverage on the market base Best Foods Limited has. With this, it will enable it serve over 50 meat markets across the south-western states coupled with over 100 consumer endpoints.
The acquisition will enable Farmcrowdy to expand its meat value chain via the use of technology with improved livestock production and processing and hopes to be the country’s most preferred choice of processed meat in the country, he added.
“Best Foods offers an exciting opportunity for Farmcrowdy to enhance its service in livestock production, processing, and supply. The acquisition supports Farmcrowdy’s strategy to lead the market and meet the necessary requirements to increase our supply of 45 cattle daily for consumption,” said Kenneth Obiajulu, managing director, Farmcrowdy.
Emmanuel Ijewere, founder, Best Foods L&P Limited, expressed optimism that the acquisition will provide the prospect for growth for both companies in the agriculture sector.
“This deal with Farmcrowdy is a welcome development for us as it provides a major growth opportunity for both businesses. We are excited about the many possibilities,” He said.
The presence of Farmcrowdy and other agriculture investment platforms they have enhanced smallholder farmers in the country with the necessary modern farming techniques to carry out their activities which has enabled them to produce improved yields, with extended ready markets and improved farmers livelihoods.