Consumer goods manufacturer, Promasidor Nigeria has invested US$5m (N2bn) in Ekiti State, Nigeria aimed to reactivate the Moribund Ikun Dairy Farm, as a catalyst that will turn around the economic fortune of the state.
Established in the early 1980s as an integrated agro-allied farm to boost the economy of the State, Ikun Dairy Farm covers 1,000 hectares of land located in Moba Local Government Area.
The reactivation of the ailing industry, done in partnership with the Central Bank of Nigeria, would ensure a daily production of about 10, 000 litres of milk.
According to Ekiti State Governor, Dr Kayode Fayemi, production has been delayed by the lockdown imposed to curb the spread of COVID-19.
“Promasidor has made an initial investment of US$5m in the farm which will be invested to procure cattle, equip the dairy farm, establish a farm to produce feed and renovate existing buildings,” said Fayemi.
In addition to the investment, the food manufacturer has donated food products worth Fayemi N34m (US$87,000) aimed to support the vulnerable people in the state during the current pandemic.
The Chief Executive Officer of Promasidor Nigeria, Mr Anders Einarsson said, “Our outreach project will go a long way in helping the most vulnerable in our society who have had their income disrupted as a result of the disease.”
“As a company that cares for the people regardless of their socio-economic status, we deemed it necessary to step in and assist in the best way possible by ensuring food and nourishment should not be a worry for them at this time.”
Other projects undertaken by Promasidor in partnership with Ekiti State Government include the formulation of its backward integration initiative through Ikun Dairy Farm.
The agreement enables Promasidor to utilise the facilities at Ikun Dairy Farm to improve local sourcing of raw materials for production of its dairy products, which include Cowbell and Loya.
Promasidor Nigeria, which introduced the packaged ready-to-go cereal Sun Vita last year but one, also produces other products under the brands, Cowbell Milk, Loya Milk, Cowbell Chocolate, Miksi, Top Tea, Onga food seasoning, Sunvita Cereals among others.
Since it launched its operations in Nigeria in 1993 the company has grown into becoming a major player in the country’s dairy, beverage and seasoning market.