Olam Agri, a leading agribusiness conglomerate with footprints worldwide, underlined its commitment to global food security with a US$200 million loan from the International Finance Corporation (IFC).
The loan, which was announced over the weekend by the financing institution, would help the agribusiness expand the supply of key production inputs such as wheat, maize, and soy to its global subsidiaries to combat the widening shortage of commodities as a result of the Russia-Ukraine war and the wider climate change which are taking a toll on the world population.
Rana Karadsheh, Regional Industry Director, Manufacturing, Agribusiness and Services, Asia Pacific at IFC, explained, “Our partnerships with key agricultural commodity-trading companies such as Olam Agri are crucial to maintaining the flow of critical food staples between countries with surpluses and deficits, ensuring better food security for the world’s poorest and most vulnerable populations,” he added.
Speaking about the facility, Neelamani Muthukumar, Chief Executive Officer, Operations at Olam Agri, said, “This facility further supports us to continue to supply staple crops and ensure food security to some of the most populous countries in Asia and Africa most at risk of global food inflation,”
He added, “We’re delighted to continue our long-standing partnership with IFC, aligning with Olam Agri’s focus on better access to food and nutrition for the most vulnerable and on strengthening global food security,” he added.
Meanwhile, the leading agribusiness’ Nigerian flour-milling unit, Crown Flour Mill (CFM) limited, as part of a concerted effort aimed at addressing the pressing global food supply chain crisis and ensuring food security in Nigeria, has officially notified the Federal Ministry of Industry, Trade and Investment of its interest to import 500,000 mt of wheat from India and secured the support of the Federal Government on its request.
CFM has consistently shown commitment to contributing to and aligning with the FG’s food security, food production self-sufficiency drive, and other socio-economic growth aspirations, including employment generation.
Following its approval, the ministry has also, on behalf of CFM, written to the High Commissioner of India in Abuja for it to consider the business’ importation request.
In the light of the cordial relationship between both countries and the Federal Government’s endorsement, the Indian High Commission has further officially communicated the ministry’s request to the Directorate General of Foreign Trade in India.
On the local front, CFM continues to play its role in the development of the wheat value chain in Nigeria through various intervention initiatives and massive investments under the auspices of the Seeds for the Future Programme as an organization and the joint efforts of the Flour Milling Association of Nigeria (FMAN), Wheat Development Programme.
Speaking about the move to boost its wheat supply chain, Ashish Pande, the Managing Director, CFM, said, “As a highly productive company and contributor to Nigeria’s food security agenda, we strive consistently to provide affordable and healthy food for the populace. The disruption to the global wheat supply chain and challenges on the local front call for urgent alternative actions. The endorsement by the Federal Government will help us proceed to the next level of the arrangement to bridge the local wheat supply shortage.”
