Julius Berger board approves firm’s diversification into agro-processing
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Charles Abuede
Julius Berger, the Nigeran construction and engineering giant, is diversifying into opportunities in agro-processing following approval by the board of directors of the company.
The company said in a statement that it believes strongly that this diversification direction would support the continued success of the group in the future and also align with the strategic objective of the government to stimulate value creation in Nigeria.
In a disclosure signed by the company secretary and filed with the Nigerian Stock Exchange on Thursday, the company said following a board meeting held on September 22, 2020, an approval was given for the diversification opportunity in agro-processing.
According to the disclosure statement, the decision to diversify is based on the emerging political, economical and structural developments in Nigeria and also the resultant reforms by the federal governments.
“Julius Berger’s business is centred around a long term strategy. The goal of the board of directors and the executive management of Julius Berger is to deliver on that strategy by maintaining and strengthening the company’s competitive advantages in the construction sector, and capital market.
“We have severally advised the market that Julius Berger will be looking into diversification opportunities, based on the emerging developments, political, economical and structural in Nigeria and the resultant reforms by the governments,” the statement read.
The company did not, however, disclose any date for the commencement of the diversification or the specific projects it would use to launch its entry into agro-processing.