The African Export-Import Bank (Afreximbank) has approved a $20.8 million financing facility for Nigeria-based Starlink Global and Ideal Limited to build and operate a 30,000-metric tonne cashew processing factory in Lagos. This move is set to boost local cashew production, create jobs, and support small and medium-sized enterprises (SMEs).
The financing, signed on July 22, 2024, will be provided in two phases: $7.48 million for factory construction and $13.25 million as working capital. Once operational, the facility is expected to create 400 new jobs and support 40 SMEs along the cashew value chain.
Mrs. Kanayo Awani, Afreximbank’s Executive Vice President for Intra-Africa Trade and Export Development, emphasized the importance of adding value to Africa’s agro-commodities. “By establishing this processing facility, we are facilitating exports and increasing foreign exchange inflows to the continent,” Awani said. She also noted the project’s potential to improve livelihoods for smallholder farmers and businesses.
This initiative aligns with Afreximbank’s broader mission to industrialize Africa and boost intra-regional trade, driving economic growth across the continent.
