Nigeria: the largest ever production and processing project

Spanish manufacturers of Gino Tomato paste, GBFoods – the company born in 2007 from the merger between Gallina Blanca and Star, announced at the end of October 2021 they have invested N20 billion (USD 48.6 million, Euro 42 million) into the agricultural production and industrial processing of fresh tomatoes. This, it said, would ease the challenges and complications posed by the rising prices of food items.
 According to the company, it explored the gains inherent in backward integration through a strategic partnership with the Central Bank of Nigeria (CBN) and the Kebbi State government to build one of the largest tomato processing factories in Nigeria and the largest single tomato farm in Africa. Its factory, GBFoods said, still maintains the record as the only fully backward integrated plant in the entire Sub-Saharan African region.

This, it added, is in addition to the engagement of thousands of smallholder farmers as out-growers, including training on best agricultural practices, provision of tomato seedlings, provision of farming equipment as well as contribution to the welfare of the host community.

“These initiatives, in no small way, bolster the overall effort not only in meeting the food security gaps but also poverty reduction; and can be leveraged on a wider scale by other stakeholders to resolve issues in the food supply ecosystem,” it explained.

It should be also mentioned that Helios Investment Partners recently sold its investment in GB Foods Africa after almost five years of maintaining its shareholding in the enterprise.

The announcement was made in a press release published on the company’s official website on September 21, 2021. According to the press release, Helios Investment Partners completed the sale of its 49% stake in GB Foods Africa to its partner and co-shareholder, GB Foods SA.

Some additional information
For further information about GBFoods
https://www.thegbfoods.com/about-us/history

Sources: leadership.ng, nairametrics.com

Further details in attached documents: