Inclusive impact investments B.V (“Triple I”), an investment firm that directly invests in small and medium-sized enterprises in Sub-Saharan Africa and Southeast Asia, with an objective to lift people, especially women and children, out of poverty, has announced its partnership with Kennie O Cold Chain Logistics (“KCCL”, the “Company”), to grow its cold chain operations across Nigeria.
A statement made available by the partners disclosed that Triple I supports entrepreneurs to realize their full business potential and social impact by providing tailor-made, flexible and low-cost financial products. It states further that the firm has a deep understanding of the local context and maintains strong engagement with its portfolio companies.
KCCL is a logistics company that offers temperature controlled transport solutions to farmers, supermarkets, pharmaceutical companies and manufacturers across Nigeria. Based in Ilorin-Kwara State, the Company has on-boarded and trained more than 4,000 smallholder farmers in line with its objectives of improving food security in an efficient manner.
“This would positively impact on farm outputs and reduce waste between the farm gate and the food table. We are also excited about the many more women and young people that would participate in our programs” Ope Olanrewaju, the managing director of KCCL stated.
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According to him, the investment in KCCL is further proof of Triple I’s belief in the Nigerian entrepreneurial spirit, following previous investments in So Fresh Neighborhood Market Limited; a food chain with healthy offerings; and Abod Success, a cashew processing company that offers products locally under the brand name ‘Executive Choice’ and exports nuts and kernels to Europe and Asia. “These companies continue to take giant strides in the country’s agribusiness sector,” Olanrewaju stated.
Speaking further on the partnership with Triple I, Kehinde Olanrewaju, director, KCCL, stated that it will enhance their deliverables as an indigenous company that specializes in preserving the natural nutrients of fruits, vegetables and animal products in Nigeria by providing excellent end-to-end cold chain and logistics services for the fresh foods sector.
“We learnt from experience, leveraged insights from market surveys and commenced Kennie-O Cold Chain Logistics (KCCL) in 2015 to promote food and nutrients preservation in Nigeria. In Nigeria, over 45 percent of our fruits and vegetables production valued at $9Bn are wasted annually,” Kehinde Olanrewaju, director, KCCL, stated.
