Investing in Nigeria's agriculture

The TGI Group has made significant investments in Nigeria's agriculture sector, with a focus on achieving agricultural and food security in the country. Christian Wessels, the Deputy Group Managing Director at TGI Group, recently discussed the company's investments during an interview on CNBC Africa. One of the notable investments by the TGI Group is the $10 billion investment in the WACOT Rice Mill in Northern Nigeria. This investment is aimed at increasing local rice production to bridge the gap between supply and demand in the country. With local production currently at 2 to 2.3 million metric tons and demand at 6 million metric tons, the TGI Group's rice factory is expected to make a significant contribution to meeting the local demand for rice. Wessels highlighted that the pre-commissioning of the rice factory in Kebbi State is just the beginning for the TGI Group. The company plans to increase capacity in this and other facilities to produce up to 500,000 metric tons of rice in the near future, further supporting Nigeria's goal of food self-sufficiency. In addition to the rice investments, the TGI Group is also diversifying its investments in agriculture. Wessels mentioned a new project on the horizon, a multi-seed crushing plant with a capacity of 175,000 tons. This plant will produce edible oil for the Nigerian market, expanding the company's footprint in the agriculture sector. Despite the macroeconomic challenges faced during the recession, the TGI Group remains optimistic about the economy. Wessels attributed this optimism to the company's focus on businesses that operate within the local market and export some of their products. By increasing efficiency, innovating new products, and exploring export opportunities, the TGI Group aims to navigate the economic landscape successfully. The company has a strong track record of exporting agricultural products to international markets, such as Sesame to Europe and the US, and shrimps to Europe. Additionally, the TGI Group has ventured into industrial chemical business, commissioning a factory for styrene acrylic, a crucial input in Nigeria's painting industry. The high demand for local raw materials in the industrial sector has prompted the company to expand its capacity to meet the growing needs of industrial players. Overall, the TGI Group's investments in Nigeria's agriculture sector are not only boosting local production and bridging supply-demand gaps but also creating new opportunities for economic growth and sustainability. By focusing on food security, innovation, and export diversification, the company is positioning itself as a key player in Nigeria's agricultural landscape.