July 18, 2013
/PRNewswire/ -- In cooperation with the Government of
has executed a Letter of Intent (LOI) for a
investment program in the Nigerian agriculture sector. The investment includes a large scale production and distribution facility for
food security storage warehouses, agricultural processing and packaging facilities, and investments in land and technology to create high-yield, high-efficiency farms.
After meetings with Government officials, including Nigerian Minister of Agriculture
, Chairman and CEO of
represents one of the largest agricultural markets in the world, and provides a significant opportunity for our company to establish a major presence in West Africa. We have been encouraged and impressed with Nigerian Federal and State government officials' assertiveness in attracting and supporting our investment program."
The LOI is in accordance with, and supports,
efforts with regard to the G8's New Alliance for Food Security and Nutrition program.
The first phase of the investment includes the establishment of a production facility for
food storage warehousing systems, as well as an initial deployment of approximately 340,000 metric tons of crop storage capacity in
. The project is anticipated to commence in the third quarter of 2013, and will create 800-1000 new jobs in the agriculture and manufacturing sectors.
, VP of
, remarked from
, "The Federal Republic of
has ambitious goals to increase agricultural production by 15% by 2015. Reducing the estimated 30% loss in grain and estimated 50% loss in produce from post-harvest losses, due in large part to inadequate storage, would serve as the fastest and most efficient way to increase agricultural production."
About Blumberg Grain
, a business unit of Blumberg Capital Partners, is based in
, with offices in
, and a research, development and engineering center in
is a leading US based food security company, providing vertically integrated crop and food storage systems, technology and management.
food safety and security infrastructure and warehousing reduces post-harvest losses of grain, produce, and other perishables to 5% or less. The company works with private companies and countries to modernize agricultural value chains, increase the quality and marketable output of their harvests, enable efficient market timing, and significantly boost exports of agriculture products.
As part of its international growth strategy,
is developing manufacturing plants and export hubs in
For more information, please visit