GuarantCo, a member of the Private Infrastructure Development Group (PIDG), has issued a 100 per cent credit guarantee for a $75 million debt facility to fund Robust International Pte Limited’s new cashew processing plant in Ogun State. The facility is set to boost Nigeria’s agro-processing sector and increase local value addition in the cashew industry.
Currently, Nigeria produces between 250,000 and 300,000 tonnes of raw cashew nuts annually, ranking it among Africa’s largest producers. However, less than 10 per cent of the nuts are processed domestically, with most exported in raw form to Asian and international markets. This has deprived Nigeria of up to 80 per cent of potential export value and exposed the economy to foreign exchange volatility.
Brandspur Banking News Desk reports that the new Ogun State plant will more than double Robust International’s cashew processing capacity from 100 metric tonnes per day to 220 metric tonnes per day. By retaining more economic value locally, the facility aims to create jobs, strengthen export capabilities, and support a more resilient agricultural supply chain.
British Deputy High Commissioner to Nigeria, Jonny Baxter, said the UK supports initiatives that mobilise private sector investment into Nigeria’s productive economy. “By backing investment into local processing and value addition, this transaction supports jobs, exports and more resilient agricultural supply chains,” Baxter stated. He also noted that schemes like the UK-Nigeria Enhanced Trade and Investment Partnership and the Developing Countries Trading Scheme are instrumental in helping Nigerian businesses scale exports globally.
Dave Chalila, Head of Africa and Middle East Investments at GuarantCo, described the deal as part of a broader effort to channel private capital into underfinanced yet high-impact sectors. “This transaction marks our third collaboration with M&G Investments and Symbiotics, reflecting our ongoing commitment to socio-economic development where it is most needed,” he said.
The new cashew processing plant is expected to significantly reduce Nigeria’s reliance on exporting raw cashew nuts and strengthen the nation’s position in the global cashew market.
