The International Finance Corporation (IFC) is investing $4.5 million in Agro Bar Magen Nigeria to build the country’s first salt and mineral block licks production plant.
According to an IFC September 2022 press release, the IFC is investing $4.5 million in Agro Bar Magen Nigeria. Agro Bar Magen Nigeria is a livestock feed manufacturing company. This investment is ring fenced to build the country’s first salt block and mineral production plant (essential nutritional components for cattle, goats and sheep). The funds will be used to expand storage capacity and thereby increase livestock feed production in the country.
Agribusiness a significant contributor Nigerian economy
“Agribusiness remains a significant contributor to the Nigerian economy. IFC’s support is essential to help us respond to challenges resulting from the rising costs of importation and supply chain bottlenecks of livestock feed. This partnership will help increase local manufacturing and distribution of feed additives, and develop the animal feed processing operations in Nigeria,” said Rami Bergman, Founder and President of Bar Magen.
Supporting SDG1 and 2 in Nigeria
This financial support will contribute to the achievement of SDG1 “No Poverty” and SDG2 “Zero Hunger” in Nigeria.
“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. In addition to supporting the country’s agriculture sector, the project will contribute to further developing Nigeria’s manufacturing base for animal feed processing,” said Kalim M. Shah, IFC’s Senior Country Manager for Nigeria.
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