Agritech Platform Farmcrowdy Acquires Best Foods As It Announces Q2 Expansion Into Meat Retail

The Nigerian government, one of Africa’s largest Oil producers has relied on the income this natural resource has created for years, and through corruption mishandled all the funds.

In recent years, as developed countries move away from crude oil to more renewable and sustainable forms of energy, countries like Nigeria are feeling the impact the most. As evident as this is to the general public, the government is still hellbent on milking the profits from trading oil while ignoring other revenue forms.

Agriculture, which used to be Nigeria’s biggest export before finding oil has been having a steady renaissance due to the impacts of Agritech firms who understand the untapped potential.

Meet FarmCrowdy.

Farmwcrowdy is a crowdfunding platform that allows people to invest directly in the agricultural sector. Founded in 2016 the company uses the fund to support farmers, providing them with financing, agricultural extension support, and market access. This, in turn, improves the income of farmers and increases the supply of healthy food in the market.

Beyond crowdfunding and helping farmers improve their yields, the company has pushed deeper and quietly into the livestock business.

Acquiring Best Foods.

Farmcrowdy has announced it acquired a majority stake in the agro company, Best Foods, for an undisclosed amount.

Best Foods offers an exciting opportunity for Farmcrowdy to strengthen and expand its service offering in livestock production, processing, and supply. With a range of high profile clients, the acquisition supports Farmcrowdy’s strategy to lead the market and meet the requirements necessary to process approximately 45 cattle every day for meat consumption in Lagos.

Kenneth Obiajulu, Managing Director of Farmcrowdy, said.

Best Foods L&P Limited was established to provide wholesome livestock and agricultural produce grown in Nigeria at affordable prices within and outside the country. (Best Food Livestock and Poultry), farming (Best Food Fresh Farms), and marketing of agricultural produce (Naijapride – wholesaler/ Best Food dairy and multi-concepts – retailer). The company is credited as one of the largest meat processors in Lagos, Nigeria with a capacity to process 120 – 200 bulls every day.

Introducing Farmcrowdy Meat Hubs.

Lagos alone consumes 6,000 cattle every day while Nigeria processes over 1.2 billion chickens annually.

There’s a high demand for meat in the Nigerian market.

Farmcrowdy will enter the meat retail market to tap into the large need for livestock in Nigeria. The Agritech platform is on a diversification path, launching Farmcrowdy Meat Hubs across Lagos in Q2 2020.

The Meat Hubs will provide quality livestock produced and traded by Farmcrowdy for everyday consumers using technology.

According to Tribune Online, Farmcrowdy will continue to grow its Livestock value chain with an improved process for livestock production and processing to reach the desired high standards fit for local consumption and export were necessary. The expansion of the business will also enable Farmcrowdy to become the most preferred source of processed livestock across Nigeria starting from Lagos.

This deal with Farmcrowdy is a welcome development for us as it provides a major growth opportunity for both businesses. We are excited about the many possibilities.”

Emmanuel Ijewere, Founder of Best Foods, said

Ijewere will be joining Farmcrowdy as a member of the advisory board.

Adedayo Laketu

Adedayo Laketu is a creative inventor who's interested in curating a New Age for Africa across all mediums.

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