Oikocredit credit line will support Valency Agro Nigeria in expanding high-quality cashew nut processing for export

Amersfoort, the Netherlands – Social impact investing cooperative Oikocredit has made a repeat loan of USD 8.6 million to Valency Agro Nigeria to support its processing of raw cashew nuts into high-quality kernels for the export market.

Valency Agro Nigeria Limited has been a partner of Oikocredit since 2021, and the collaboration has supported value addition in the cashew sector, created and sustained over 1,000 permanent and seasonal jobs, especially for women, and supported smallholder farmers and their families in improving their livelihoods.

With the new loan, Valency Agro aims to expand its cashew processing facility in Nigeria, where it employs hundreds of skilled workers, most of them women who would find it difficult to obtain other sources of income, and to increase the number of cashew farmers it buys from.

Sumit Jain, CEO, Valency Group said: “We are grateful to Oikocredit for their continued support as we expand our cashew processing capabilities. This partnership strengthens our mission to deliver high-quality kernels to global markets, while creating jobs, improving farmer livelihoods and driving sustainable growth in Nigeria. We remain committed to empowering rural communities and driving impactful change in the agricultural value chain.”

Ufuoma Eghwerehe, Country Manager, Nigeria, at Oikocredit said: “We are pleased to work with Valency Agro Nigeria again to scale up their processing of raw cashew nuts into high-quality kernels for export. This partnership will continue to increase value addition and to create employment opportunities, many of them for women. Community development will strengthen, leading to improved living standards for the smallholder farmers and their households.”

About Valency Agro Nigeria

Valency Agro Nigeria Limited is part of Singapore-headquartered food ingredients supplier Valency International. Established in 2007, Valency has grown into a global leader with a presence in 40 countries and a dedicated team of more than 3,000 people. The company operates across a broad range of sectors including agricultural commodities, processed agri-products, agri-inputs, industrial chemicals and consumer foods.

In Nigeria, Valency operates in sectors such as cashew processing, cocoa, soybean and consumer foods. The company is committed to developing sustainable supply chains, supporting local farmers and creating economic opportunities for rural communities. It has garnered industry recognition and numerous awards for its efforts in building a sustainable supply chain for agri-products.

For more information, visit www.valencynigeria.com

About Oikocredit

Social impact investor and worldwide cooperative Oikocredit has nearly five decades of experience funding organisations active in financial inclusion, agriculture and renewable energy.

Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably.

Oikocredit finances more than 520 partners, with total outstanding capital of EUR 1,029.8 million (at September 2024). For more information, visit www.oikocredit.coop.

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Note for editors

For more information or to request an interview, please contact: Viviana Cordero, Communications Business Partner, Oikocredit International, telephone: +31 33 422 4040, email: vcordero@oikocredit.org.