Vicampro Farms has signed a US$45 million MoU with BlackPace B.V and Kiremko B.V. to establish the biggest potato and French fries processing farm in Nigeria. The total planned investment in the farm will be US$ 67 million.
The investment comes at a time the government is making efforts to encourage investments in agriculture in a bid to reduce imports of food. The new plant will save Nigerian about US$200 million currently spent on importing French fries into the country.
Vicampro Farm first ventured into the Nigerian space two years ago and today has the largest potato farm by landmass- for both farming and processing plants. The aim is to have the largest Potato processing plants for French fries and potato flakes in Sub-Saharan Africa producing between 30,000 to 40,000 tons annually with a capacity of 5,000kg per day, for local consumption and regional export.
Kiremko is the processing plant manufacturer with over 50 years in processing plants and based in the Netherlands. The Vicampro Farm project will add about 50,000 jobs to the Nigerian economy and also increase economic activities in the retail end of the economy.
It will also save foreign exchange by reducing the importation of French fries as 90% of French fries consumed in the country is currently imported costing the country about US$ 200 million.
With a clear and aggressive vision, Vicampro Farm is currently advised by a leading investment advisory firm in Geneva, Switzerland and supported by BlackPace B.V, a leading diversified investment firm in Amsterdam, Netherlands.