Farmcrowdy, Nigeria’s foremost agri tech startup in a bid to expand and bring innovation in livestock production and processing in the meat market has announced its acquisition of a well-established agribusiness Best Foods L&P Ltd.
Farmcrowdy is a pioneer in the agri-tech industry of Nigeria. One of its major aims is to uplift rural farmers since its launch in 2016. Farmcrowdy gives farmers access to farm inputs, improved seeds, training on modern farming techniques and most importantly, the provision of the market for the sale of their agricultural products. This will surely improve the production of food not just in Nigeria but in Africa as a whole. Farmcrowdy, as it stands now, boasts of 25,837 farmers, 16,000 cultivated acres of land, 2,891,965 chicken reared, 114,535 farm sponsorships, etc.
This acquisition of Best Food L&P Ltd by Farmcrowdy enables her to own the majority stakes in the company which comprises its assets, team and customer contracts to supply meat all over Nigeria. Best Foods offers an exciting opportunity for Farmcrowdy to strengthen and expand its service offering in livestock production, processing, and supply.” Explains Kenneth Obiajulu, Managing Director of Farmcrowdy. “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”.
Best Foods L&P Ltd is an established agribusiness group that has been running for 16 years now. It is focused on meat processing, farming, and marketing of agricultural produce. The company was founded for the sole purpose of providing livestock and agricultural products grown in Nigeria at affordable prices within and outside Nigeria.
Ultimately, this acquisition makes it easier for Farmcrowdy to enter the meat retail market with the launch of Farmcrowdy Meat Hub. Seeing that Lagos alone consumes as much as 6,000 cattle every day, the hubs will be across Lagos in Q2 2020 to produce quality meat produced and traded by Farmcrowdy for everyday consumers using technology.
“Farmcrowdy is Nigeria’s leading Agtech company using technology to change the way people invest in Agriculture then grow the food they eat. Today, this acquisition of Best Foods L&P Limited is a major milestone for the entire team knowing that we only launched Farmcrowdy 3 years ago with a bunch of 20 & 30 year olds. I grew up learning about the impact Best Foods and Mr. Ijewere had in the Agriculture space in Nigeria. We are absolutely delighted to welcome him to the Board of Farmcrowdy as we continue to grow this space together” comments Onyeka Akumah the CEO of Farmcrowdy.
Emmanuel Ijewere, Founder of Best Foods, also commented: “Farmcrowdy’s acquisition of Best Foods provides a major growth opportunity for both our businesses through an extended service offering for our clients.” Following this move, Emmanuel Ijewere will join Farmcrowdy as a member of the advisory board.