Tingo Foods commission new plant build
A new plant build has been announced by the Agri-food company Tingo Foods, (a subsidiary of Tingo International Holding Group) it is expected to take between a year and a half to two years. The facility will start by producing rice, tea, coffee, chocolate, biscuits, edible oil, cashew milk, millet-based cereal, beer, mineral water, fizzy drinks, pasta and noodles. It will also become a development facility for new products for local and export markets. The facility will help Africa from paying foreign exchange on imported products, by creating more made in Africa food to the world. They aim to enhance trade throughout African nations also through the Africa Continental Free Agreement by creating and selling high quality products from Nigeria.
The company founder, Dozy Mmobuosi, said that its the first step they are making in a multi-billion-dollar investment plan by Tingo International Holdings to work in the African Food industry.
Recently, the African food industry has suffered from a lack of productivity and poor usage of human capital. They aim to change this by creating 12000 jobs, giving a massive economic boost, and aiding the UN’s Sustainable Development Goals. The goals are to end poverty, protect the planet and ensure peace and prosperity for all. In Nigeria, the agribusiness industry accounts for about 65% of manufacturing sector revenue and contributes 7% to GDP according to USDA data.
The 2022 Annual Trends and Outlook Report authors said that Africa must change from exporting raw products and importing finished ones, to the other way around if they want to become a competitor in the agro-processing sectors that the African Union’s Agenda 2063 targets have labelled under economic growth, wealth generation and employment. The report states it as “much-untapped potential” for an attractive urban market for processed products. Compared to the previously reported 63% of traded agricultural products from 2003-2005, the new estimate is 72%.
The Economic Community of West African States (ECOWAS) showed the largest share of processed and semi-processed intra-African exports in 2018–2020, as well as the largest increase in the share of processed exports between the two periods.
Source: Food Business Africa, February 2023
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