GuarantCo Backs $75m Cashew Plant in Nigeria

GuarantCo, a member of the Private Infrastructure Development Group (PIDG), is offering a 100% credit guarantee to back a $75 million debt facility for the establishment of a new cashew processing plant in Ogun State, Nigeria. The initiative seeks to enhance Nigeria's agro-processing industry by reducing the country's reliance on exporting raw cashew nuts.

Currently, Nigeria produces 250,000 to 300,000 tons of raw cashew nuts annually but processes less than 10% locally, mainly exporting unprocessed nuts to Asian markets. The new plant is expected to double the existing cashew processing capacity to 220 metric tons per day.

British Deputy High Commissioner to Nigeria, Jonni Baxter, and UK government officials have expressed support for the project, emphasizing the importance of mobilizing private sector capital to drive economic growth and job creation in Nigeria.