The African Export-Import Bank (Afreximbank) has approved a US$20.8 million financing facility for Nigeria’s Starlink Global & Ideal Limited to support the construction and operation of a 30,000-metric tonne per annum cashew processing plant in Lagos.
The facility, signed on July 22, 2024, will be disbursed in two phases: US$7.48 million will go towards capital expenditure for building the factory, while US$13.25 million will serve as working capital for its operations.
This investment is expected to create about 400 jobs and support 40 small and medium-sized enterprises (SMEs), while promoting value addition and increasing export earnings. The initiative also aligns with Afreximbank's broader goal of boosting Africa's agro-commodity exports and driving economic growth through local value creation.
Mrs. Kanayo Awani, Executive Vice President for Intra-Africa Trade and Export Development at Afreximbank, expressed optimism about the project’s potential impact, highlighting its role in enhancing employment, supporting local communities, and improving the livelihoods of smallholder farmers and suppliers in the cashew value chain.
“We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria. It will contribute to value creation and to the development of the local community while also improving the lots of smallholder farmers and small business suppliers that will work with Starlink across the value chain,” Mrs. Awani added.
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