The African Export-Import Bank (Afreximbank) has approved a financing facility worth $20.8 million for Nigeria-based Starlink Global & Ideal Limited. This funding will support the construction and operation of a 30,000-metric tonne per annum cashew processing plant in Lagos.
Under the agreement signed on July 22, 2024, Afreximbank will disburse the funds in two stages. The first tranche, amounting to $7.48 million, will cover capital expenses for building the facility. The second tranche, valued at $13.25 million, will serve as working capital for the plant’s operations.
This investment is expected to promote value addition, boosting Starlink Global’s earnings while creating around 400 new jobs when the plant becomes fully operational. Additionally, it will support approximately 40 small and medium-sized enterprises (SMEs).
Mrs. Kanayo Awani, Executive Vice President for Intra Africa Trade and Export Development at Afreximbank, highlighted the bank’s commitment to supporting agro-processing industries in Africa. “By helping Starlink Global build a modern facility, we are enabling Africa to add value to its agro-commodities. This will enhance exports and bring in much-needed foreign exchange to the continent,” she said.
Awani also emphasized the broader benefits of the partnership, noting its potential to create jobs, stimulate local economic development, and improve the livelihoods of smallholder farmers and SME suppliers working with Starlink throughout the value chain.
