Food processors invest N23.8bn in Nigeria to cut import bill

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Despite facing challenges of slow economic growth and high business costs, Nigeria has secured N23.8 billion in investments from food processors.

One notable investment is the N20 billion tomato processing plant established by GB Foods in Kebbi State. This state-of-the-art facility is set to revolutionize Nigeria’s tomato industry by significantly cutting down on tomato paste imports. With an annual target of processing 226,300 tonnes of tomatoes, the plant’s expansion promises to further reduce the need for imports, boosting Nigeria’s self-sufficiency.

Nigeria ranks among the world’s top tomato producers, yet it struggles to meet local demand due to significant waste—about 50 percent of tomatoes are lost due to inadequate storage infrastructure. The investment by GB Foods is expected to bridge the demand-supply gap and decrease the country’s annual tomato paste import bill, which currently stands at N16 billion.

Source: Business Day

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