Ime Akpan
Olam Agri, a fully owned subsidiary of Olam Group, has announced the expansion of its corporate responsibility and sustainability (CR&S) investment strategy to deepen its social, environmental, and economic development impact within the country.
To this end, the leading agribusiness in food, feed, and fibre in Nigeria, said it is committed to a four-year development plan, voting ₦6.5 billion for the various CR&S initiatives.
The initiatives are designed to drive socioeconomic growth within the communities where it operates.
The managing director of Olam Agri in Nigeria, Mr Anil Nair, announced the initiatives when he led a high-level delegation on a courtesy call to the governor of Lagos State, Mr Babajide Sanwo-Olu.
He said the initiatives are part of the award-winning Seeds for the Future (SFTF) programme – Olam Agri in Nigeria’s flagship sustainability effort designed to foster a brighter future for all.
The initiative focuses on five key areas: supporting farmers and farming communities, enhancing education and skill development for young people, economic empowerment of indigent women, promoting health and nutrition, and reducing carbon emissions across its operations.
The expanded investment commitment will support Olam Agri’s purpose for sustainable development across its business portfolio of rice, wheat milling and pasta, animal feed and protein, sesame, cotton, and edible oils from 2024 through 2028.
For instance, in 2024 alone, the agribusiness plans to invest about $1.07 million into initiatives.
Meanwhile, education grants were presented to 15 qualified students from the University of Lagos in January; scholarships were awarded to 87 underprivileged students in Nasarawa State in June, manual harvesters were given to wheat farmers in Jigawa while 118 agri-extension workers were empowered in Kwara State in July.
Significant provisions in the four-year plan also include smallholder farmer capacity building in rural communities to strengthen food security, rural road rehabilitation to reduce disruption of the value chain, distribution of harvesters to reduce post-harvest loss, participation in public-private partnerships in seed and product R&D, among others.
“As a business founded in Nigeria over 34 years ago, we are committed to investing in initiatives that positively transform lives and impact the livelihoods of our host communities while scaling food production in the country.
“We are dedicated to turning our priorities into action by implementing key sustainability initiatives across our value chain to advance the current administration’s Renewed Hope Agenda. Our four-year implementation plan aims to make a real impact that benefits all,” Nair said.
He explained that the visit to the governor was to seek partnerships with the state government to deepen investments for expanded food production and job creation, given the state’s strategic economic importance.
In his remarks, Sanwo-Olu commended Olam Agri for driving productivity in the agricultural value chain and stressed the need for continued efforts.
“Olam Agri has positioned itself as a prominent leader in Nigeria’s agricultural industry. This meeting provided a great platform to exchange insights and discuss ways to strengthen our contributions to this crucial sector.
“Agro and food processing is a critical industry because food security is as vital as medical security or sovereign security in times of conflict. There is no greater security today than food security,” he said.
Olam Agri is a market leading, differentiated food, feed and fibre agri-business with a global origination footprint, processing capabilities and deep understanding of market needs built over 33 years.
With a strong presence in high-growth emerging markets and products across grains and oilseeds, integrated feed and protein, rice, edible oils, specialty grains & seeds, cotton, wood products, rubber and commodity financial services, Olam Agri is at the heart of global food and agri-trade flows with 38.3 million MT in volume traded in 2022.
Focused on transforming food, feed, and fibre for a more sustainable future, it aims at creating value for customers, enable farming communities to prosper sustainably and strive for a food-secure future.
