Promasidor raises N8bn to boost expansion

Promasidor raises N8bn to boost expansion

Promasidor Nigeria Limited, makers of Cowbell, Onga, Toptea and Loya Milk, has concluded arrangements with IFC, a member of the World Bank Group, to inject a $25 million loan (over N8billion) into its production with a view to increasing efficiency and to produce more products for the benefit of Nigerian populace.

Read also: About 70% electricity consumers don’t pay their bills – Discos

Olivier Thiry, Managing Director, Promasidor Nigeria Limited- PNL, explained that the capital injection would be used to support purchases of new machinery that will enable PNL to increase efficiency, expand production and develop new products, leading to greater availability of nutritious food products in Nigeria at competitive prices.

His words: “This is a very competitive market for food products. We expect that this investment will help us optimize production costs, enabling us to reach and nourish more consumers with our affordable range of quality products. We will also target our portfolio extension by gradual integration of more locally sourced raw materials from producers in Nigeria and widening our network of distributors”

According to him, the investment became necessary in view of the numerous business opportunities in the Nigerian market.

He disclosed that Promasidor Nigeria is currently faced with production limitations as it could not produce enough quantity of its nutritious products to service the demand for them from different parts of the country.

Meanwhile, Mary-Jean Moyo, IFC Head of Manufacturing, Agribusiness and Services for sub-Saharan Africa said, “Agribusiness is Nigeria’s largest employer. Increasing investment in food-processing companies like PNL will help diversify Nigeria’s economy and improve nutrition by expanding the supply of affordable food.”

IFC said it invests in Agribusiness to enhance productivity with the goals of greater food security, higher rural incomes, and improving environmental and social sustainability. Today, it added, the average African farm performs at just 40 percent of potentials. The organization said by 2030, Africa’s agriculture and agribusiness market is expected to triple in value to reach $1 trillion. Africa needs more than $10 billion in new investment annually to achieve this aspired expansion of output.

In the fiscal year ended in June 2016, IFC’s overall, long-term investments in sub-Saharan Africa totalled nearly $3.7 billion, including more than $1.8 billion mobilized from other investors. IFC clients provided 240,000 jobs, supported nearly 1.2 million farmers, and treated nearly 960,000 patients.

PNL is a subsidiary of Promasidor Holdings limited (the Company), a leading Pan-African consumer goods company operating in 25 countries across the continent. The Company was founded in 1979 in the Democratic Republic of Congo by Mr. Robert Rose, who pioneered formulations and packaging of dairy products which extended shelf life and made them more accessible and affordable for millions of low-income consumers.

About Promasidor
PNL, makers of Cowbell Milk, Loya Milk, Onga food seasoning and Top tea, commenced operations in Nigeria in March, 1993. Its profound success in its first year grew its staff strength to 190 people, providing quality dairy and seasoning products to millions of Nigerians while the Cowbell Milk brand became a household name. As market success grew, a passionate work force continued to explore the market potential and drive innovation in manufacturing, packaging and distribution of its products pan Nigeria. For more information, visit

About IFC
IFC, a member of the World Bank Group is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, IFC uses it’s six decades of experience to create opportunity where it’s needed most. In FY16, their long-term investments in developing countries rose to nearly $19 billion, leveraging their capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit

Related Articles


Diamond Bank has recently concluded its Annual Performance Review exercise. This is in line with global best practices where companies


Guaranty Trust Bank plc has continued to promote economic development and entrepreneurship by partnering with the Nigerian and London Stock

Sterling Bank’s profit rises by 14.3% to N10.3bn

Sterling Bank has announced 14.3 percent rise in profit. In spite of the regulatory headwinds and downturn in the Nigerian


Other Interesting Posts

GTbank records N140.84bn profit before tax
Guaranty Trust Bank plc on Thursday announced that its gross earnings in the 3rd quarter ended September 30, 2016, grew by 44%. The report is ...
Surveyor General predicts more earth tremors
The Surveyor General of the Federation, Ebisintei Awudu, has predicted that earth tremors would occur in other parts of the country after the rec...
Sacking of 3 Lagos commissioners due to infighting, says report
The sacking of three commissioners by Gov. Akinwunmi Ambode happened as a result of infighting among cabinet members and the Lagos governor, a re...
powered by RelatedPosts