IFC grants Nigerian agro firm $4.5m to support livestock production
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The International Finance Corporation (IFC) has announced the disbursement of a $4.5 million financing package to support Agro Bar Magen Nigeria, a subsidiary of Bar Magen LTD (ABMN) and leading livestock feed manufacturing company in the country.
The funding, according to a statement made available to Business A.M, is supported by the private sector window of the Global Agriculture and Food Security Program (GAFSP) to help Bar Margen expand its warehouse capacity to store feed raw materials, helping to prevent supply shortages and reduce reliance on imports.
It is expected to expand production of livestock feed additives such as vitamin and minerals premixes in Nigeria and to build the country’s first salt and mineral block licks production facility, thereby improving smallholder farmer access to these critical animal feed nutrients.
The project is also aimed at supporting the growth and sustainability of Nigeria’s livestock industry, increasing production of livestock feed and the development of feed storage facilities in the country.
Rami Bergman, founder and president of Bar Magen, in his remarks, stated that agribusiness remains a significant contributor to the Nigerian economy. He noted further that IFC’s financial intervention is essential to help the company respond to challenges resulting from the rising costs of importation and supply chain bottlenecks of livestock feed.
“IFC’s support will help increase local manufacturing and distribution of feed additives and develop the animal feed processing operations in Nigeria,” he said.
On his part, Kalim M. Shah, IFC’s senior country manager for Nigeria, said IFC’s partnership with Bar Magen will strengthen sustainable food systems in Nigeria and significantly contribute to food security and nutrition by supporting a more sustainable livestock sector.
Shah also explained that the project, in addition to supporting the country’s agriculture sector, will contribute to further developing Nigeria’s manufacturing base for animal feed processing.
The international financial institution also stated that the partnership with Bar Magen reiterates its broader work to support sustainable agriculture practices, develop regional value chains and markets, as well as expand job opportunities and economic inclusion in Nigeria.