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Olam invests US$150m to build integrated animal feed mill, breeding farms, hatchery in Nigeria
OLAM International on Friday announced that it is investing US$150 million to set up state-of-the-art animal feed mills, poultry breeding farms and a hatchery to produce day-old-chicks in Nigeria.
At a co-hosted groundbreaking ceremony held in Kaduna State on Friday, Olam Group Nigeria and Governor of Kaduna State, Malam Nasir el-Rufai, welcomed the Minister of Agriculture and Rural Development, Audu Ogbeh, who represented the President of Nigeria, Muhammadu Buhari.
The event marked the commencement of works on the project site where Olam will set up Nigeria's largest integrated animal feed mill, breeding farms and hatchery, the mainboard-listed agri-business said.
Olam's CEO for Africa, Venkataramani Srivathsan, added: "This new venture into animal feed is a win-win for Olam and Nigeria. Domestically produced meat is being hampered by a lack of good quality feed, support for farmers and availability of young stock, but consumption is set to increase."
By investing in poultry and fish feed, Olam will utilise the wheat bran from its wheat milling operations, as well as maximise its sourcing networks to buy corn and soya from local farmers.
Mr Srivathsan said: "Our investment in the hatchery will help boost poultry production and, in the long run, help reduce the country's reliance on imports. This development underlines the continued confidence we share in Nigeria's ambition for self-sufficiency."