….as the farm plans to install a 40,000 MT per year rice mill
Coscharis Farms, an integrated rice processor that started operations in 2014 has secured an investment from Sahel Capital, a fund manager for the Fund for Agricultural Finance in Nigeria (“FAFIN”),
The worth of the investment was however not disclosed.
The investment in Coscharis Farms came at the right time, as the farm is in the process of installing a 40,000 MT per year rice mill and wants to set up an irrigation system on its farm to enable multi‐cycle rice cultivation, according to Godwin Umeaka, Managing Director for Coscharis Farms.
The rice mill and irrigation system are expected to be completed by the fourth quarter of the year.
“The investment has come at a time when we are ready to scale up our operations quite significantly,” Umeaka said.
The Nigerian rice farm currently has 2,500hecters of land for rice cultivation, and it also plans to incorporate a robust farmer out‐grower development programme within Ayamelum, Anambra State, and neighbouring communities to reach 2,000 farmers that could provide rice paddy to its mill when completed. This will also help meet part of the estimated 5.9 million MT annual rice demand in Nigeria.
Coscharis Farms has benefited from Anambra State’s drive to emerge as a leading hub for agribusiness in Nigeria, and in particular the state’s focus on critical road infrastructure and the creation of an enabling environment for businesses to function. The Company plans to continue to take advantage of the various initiatives offered by the state while implementing its expansion plans.
Commenting on the investment, Cosmas Maduka, CEO of Coscharis Group and Chairman of Coscharis Farms said, “We are excited to welcome Sahel Capital and FAFIN into our fold. We have set out to build a company that is not only an industry leader, but one that will also provide economic opportunities for smallholder farmers and young people in Anambra State. The Sahel Capital teams have already demonstrated their ability to add value to our operations over the past 12 months, and we look forward to their support as we continue to expand our operations.”
Also commenting on the investment, Mezuo Nwuneli, Managing Partner at Sahel Capital, said, “The investment in Coscharis Farms allows us to invest in an integrated rice platform which can be scaled up to meet the staple food requirements of Nigerians.
FAFIN’s investment will provide the Company with the resources it needs to invest in critical infrastructure for both its farming and milling operations as it further expands over the next two years. We are delighted to partner with Cosmas Maduka and Coscharis Group, proven business operators, as well as the management team of Coscharis Farms who have laid the groundwork for the Company’s significant progress till date.”
