Project Name: Pandagric Novum Farms
Project Sector: Agriculture
Project Sponsors: UFF-NAIC Agriculture Investment Fund
Commencement Date / Closure Date / Completion Date
- Commencement date 2018, Completion date 2022 (to be Commissioned July 2022)
Project Location (Region or State):
- Panda Local Government, Nasarawa State
- The Pandagric project, being developed under the UFF-NAIC Agriculture Investment Fund (the “Fund”), is the two-phase development of an animal feed processing business, with backward integration through the farming of maize and soybeans on circa 3,300 hectares (“ha”) of land, with plans to expand to 5,000ha (the “Project”).
- The development of the Project entails the acquisition and installation of various fixed assets including a poultry feed mill, maize and oil mills, storage infrastructure, as well as water management infrastructure.
- To date, the project has achieved several critical milestones including the:
- commissioning of a new 147,000 metric tons capacity feed mill;
- installation of approximately 89% (670ha) of the targeted 750ha of center pivot irrigation coverage;
- commissioning of two silos and six bunkers, with 5,000 tons capacity each, as well as 35,000 tons of raw material and finished goods storage, bringing storage infrastructure capacity to 75,000 tons;
- leasing and development of circa 3,300ha of land;
- commissioning of a 1.4mn m3 reservoir;
- commissioning of other ancillary structures including a mill building, water treatment systems, fire water pipes, fuel depot, and services plant rooms, etc; and
- successful planting of 856ha of maize during the 2021 wet farming season.
Benefits / Impact (Social, Economic & Others):
- Projected return of ~12%
- Creation of jobs (500 directly and over 2,000 indirectly)
- Infrastructure development
- Supply of high-quality animal feed
- Community development through the project’s out-grower schemes and other ESG efforts
Project Cost / Size:
- US$31.5 million
- The project is fully funded by the UFF-NAIC Agriculture Investment Fund, established under a 50:50 joint venture between the Nigeria Sovereign Investment Authority (“NSIA”) and Old Mutual of South Africa, represented by UFF Agri Investments, to develop and invest in large-scale agriculture projects across Nigeria. To date, NSIA and Old Mutual have both committed to invest US$25 million each into the Fund.
- Signature Agri Investments (formerly known as UFF African Agri Investments)