Agricorp International, a Nigerian company that produces, processes, and exports spices, has raised $17.5 million in Series A funding to increase its processing capacity to 7000 metric tonnes. Founded in 2018 by Kenneth Obiajulu and Wale Omotimirin, Agricorp is helping to meet the growing demand for spices as an export material. Data from the Nigerian Ministry of Agriculture shows that despite being the third highest exporter of ginger globally, Nigeria produces 31 million metric tonnes of ginger, with a demand of 65 million metric tonnes, resulting in a 34 million metric-tonne gap. While Nigeria accounts for more than 16 per cent of the global production of ginger, it gets less than four per cent of the export market share.
SOURCE: VENTURES AFRICA