On Wednesday the 5th of February, Farmcrowdy, Nigeria’s leading Agtech company, announced the acquisition of Nigeria’s agro-based company Best Foods L&P. The acquisition is aimed at creating a wider livestock production and processing solutions in Nigeria’s meat market.
Best Food is known for adapting technological skills in agriculture, with Farmcrowding becoming a major stakeholder, it has the ability to acquire its assets, team, customers, and suppliers across Nigeria.
The acquisition of Best Foods L&P Limited gives both companies the opportunity to continue to grow its Livestock value chain with an improved process for livestock production and processing to reach the desired standard fit for local consumption and export.
Managing Director of Farmcrowdy, Kenneth Obiajulu explained that Best Foods offers an exciting opportunity for Farmcrowdy to strengthen and expand its service offering in livestock production, processing, and supply.
“With a range of high profile clients, the acquisition supports Farmcrowdy’s strategy to lead the market and meet the requirements necessary to process approximately 45 cattle every day for meat consumption in Lagos,” he added.
Also speaking on the acquisition, the Founder and CEO of Best Foods, Emmanuel Ijewere, said the deal is a welcome development that provides a major growth opportunity for both businesses.
Established sixteen years ago by Emmanuel Ijewere, Best Foods is an agribusiness group focused on the processing of livestock, farming, and marketing of agricultural produce. The company is credited as one of the largest meat processors in Lagos, Nigeria with a capacity to process 120 – 200 bulls every day.
Known for its prowess in agricultural technology, this acquisition will see Farmcrowdy expanding its business in the meat market with the aim to launch the Farmcrowdy Meat Hub across Lagos in the second quarter of the year to provide quality meat products to be sold to everyday consumers using technology.
A report published by Premium Times, indicates that Lagos alone consumes 6,000 cattle everyday while Nigeria processes over 1.2 billion chickens annually. However, considering the market demand for meat supply in Nigeria, the acquisition will contribute to supplying two million consumers in Lagos and the 1.3 billion poultry meat demand in Nigeria.
Agriculture has played a key role in Nigeria’s economy but with the dwindling performance of the sector, the government has formulated and implemented various policies that will help restore it over the years
The strategic partnership between Farmcrowdy and Best Food will boost the agricultural sector by changing the way people invest in agriculture and how they grow the food they eat. The meat industry will witness tremendous expansion and a profitable market.
By Ahmed Iyanda