Private investor Agri-Vie is reportedly seeking to invest in Nigerian food companies, as the African country tries to reduce its dependence on oil and lower imports.
Cape Town, South Africa-headquartered firm plans to invest in food businesses that are engaged in processing of grains, dairy, fruits, poultry and fast food. It intends to invest around $12m in each of the Nigerian business without any specific conditions.
Agri-Vie executive director Avril Stassen was quoted by Bloomberg as saying that Nigeria provides a major platform for processed food.
Stassen added, "There are a lot of locally produced foods in Nigeria, with limited processing.
"It is also an area our team has skill and experience in. The scope for growth is wide."
Additionally, Agri-Vie aims to increase its investment fund to $285m in 2015 and reach $500m within the next ten years.
The private equity firm will further focus on investing in West African countries, including Ghana, Senegal and Ivory Coast.
