Up to 900 Nigerians are expected to secure direct jobs following a major investment supported by GuarantCo, a member of the Private Infrastructure Development Group, PIDG, which has provided a 100 per cent credit guarantee for a 75 million dollar debt facility to finance the construction of a large cashew nut processing plant in Ogun State by Robust International Pte Ltd.
The investment aims to boost local processing in Nigeria, a country that produces between 250,000 and 300,000 tonnes of raw cashew nuts each year but processes less than 10 per cent domestically. Most of the produce is exported in raw form, a situation experts say costs the country up to 80 per cent of potential export earnings and exposes farmers and exporters to foreign exchange risks.
British Deputy High Commissioner to Nigeria, Jonny Baxter, described the project as a strategic move to strengthen Nigeria’s productive economy.
“The UK is proud to support innovative financing that mobilises private capital into Nigeria’s productive economy through UK-backed institutions such as PIDG. By backing investment into local processing and value addition, this transaction supports jobs, exports and more resilient agricultural supply chains,” Baxter said.
He added that the initiative aligns with the UK-Nigeria Enhanced Trade and Investment Partnerships and the Developing Countries Trading Scheme, which are designed to help Nigerian businesses expand exports to international markets.
According to GuarantCo, the project is expected to create up to 900 direct jobs, with women projected to take up about 78 per cent of the roles. Robust International also plans to increase sourcing from women farmers from 15 per cent to 25 per cent by 2028 through a gender-responsive outreach programme.
The company noted that the new plant will source raw cashew nuts from approximately 10,000 smallholder farmers, many of whom are low-income earners. Over the lifespan of the guarantee, the project is projected to generate about 335 million dollars in export revenue.
To support environmental sustainability, the facility will integrate technology that converts waste by-products into biomass and biofuel inputs, reducing waste and supporting cleaner energy use within the processing operation.
Head of Africa and Middle East Investments at GuarantCo, Dave Chalila, said the transaction shows how structured finance can unlock capital for sectors with strong development impact.
“This transaction is consistent with PIDG’s mandate to mobilise private capital into high-impact, underfinanced sectors. We are crowding in institutional investors to the African agri-processing value chain and accelerating socio-economic development where it matters most,” Chalila stated.
The debt facility was arranged through a Symbiotics bond platform, with the notes fully subscribed by M&G Investments and supported by GuarantCo’s guarantee and an external Fitch rating.
Group Executive Director of Robust International, Vishanth Narayan, said the investment fits into the company’s long-term growth strategy, while Symbiotics’ Structuring and Arranging executive, Valeria Berzunza, said the collaboration shows how well-designed financial products can deliver both commercial returns and social impact, particularly with a strong gender focus.
