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Olam in Nigeria has won an award for the most impactful investment in Agriculture at the annual Lagos Chamber of Commerce and Industries’ (LCCI) Awards 2016, held at Muson Centre, Lagos recently.
The company’s two strategic investments in acquisition (food processing) and start-ups in animal feeds/poultry production respectively, played a major role in their clinching the award.
Specifically, Olam invested $275 million in the acquisition of BUA pasta and flour plant, Lagos and $150 million in animal feeds and poultry in Kaduna and Kwara States, totaling $425 million within the period.
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Receiving the award on behalf of his company, Ade Adefeko, Head Corporate and Government Relations, thanked the LCCI for recognising the company’s investment in Nigeria at this critical time, when oil prices have plummeted, thereby leading to dwindling fortunes in the national economy.
“I like to register our gratitude to the LCCI for this recognition. We have taken these strategic steps because we are convinced at Olam Nigeria that the only way to turn around Nigeria’s dwindling economy, is to boost the non-oil sectors, particularly agriculture, Adefeko said.
He reiterated Olam’s renewed commitment to Nigeria’s long-term food security as well as economic prosperity.
