Ganic Foods Receives N16.56 Billion From Afreximbank

African Export-Import Bank has finalised  a lending deal with Ganic Foods Limited, which takes the form of an N16.56 billion Dual Tranche Export Development Facility

According to a statement, the deal had been designed to support Ganic in its construction of a palm kernel expellers plant, a soyabean solvent extraction plant, as well as a vegetable oils refinery, all located within an area in excess of 50,000 square metres at Odofin-Oke Village, along Shagamu-Abeokuta Expressway, Ogun State, Nigeria.

The total project cost is estimated at N27 billion.

It stated: “This development has the capacity to bridge overall production shortfalls and address the market gap driven by demand for high-value edible oil.

“Immediate benefits of the project include the creation of over 200 jobs (with an estimated 1,000+ indirect labours) and support for 2,000 local farmers in Nigeria– once operational.”

Deji Akinyanju, the Founder/Chief Executive Officer, Ganic, lauded Afreximbank for its support, commitment and cooperation to the development of ‘On-the-Spot’ processing of agricultural commodities in Africa for the local and export markets.