Julius Berger Nigeria Plc, the construction company that built the second longest bridge in Africa, today announced that its first agro-processing activity, a cashew processing plant located in Epe, Lagos State, will be commissioned on the 10th of September 2022.
The company, which is primarily known for its structural engineering and infrastructure works, says revealed in a statement that it embarked on the cashew processing plant with the strategic objective of adding value to Nigeria’s produce. The plant forms the cornerstone of the company’s diversification into the cashew nut business, and it will be officially commissioned in September this year.
“Julius Berger is pleased and indeed excited to announce to the market that the official launch ceremony of the cashew processing plant would be on September 10, 2022. Julius Berger reiterates that our diversification direction would support the continued success of the Julius Berger Group in the future and align with the strategic objectives of the Government to stimulate value creation in Nigeria,” said the statement by the company.
The initiative started two years ago in September. The Julius Berger Board of Directors had approved the diversification plan for the company within the agro-processing sector.
Another statement on February 14, 2022, restated that the factory would be commissioned in the second quarter of the financial year 2022. It did not happen.
In its latest disclosure, signed by the secretary, Mrs. C. E. Madueke, and filed with the Nigerian Exchange Limited (NGX), in Abuja on August 15, 2022, the company emphasized the commissioning would happen on September 10.
The statement, headlined, JULIUS BERGER NIGERIA PLC (“JULIUS BERGER” OR “THE COMPANY”)
AD-HOC ANNOUNCEMENT COMMISSIONING OF THE CASHEW PROCESSING FACTORY, read,
“Julius Berger Nigeria Plc (“Julius Berger”), on February 14, 2022, had announced to the Market that the
pioneer cashew processing plant located in Epe, Lagos State, Julius Berger’s first Agro-processing activity, Cashew processing, which shall form the cornerstone of Julius Berger’s diversification activities, and in particular in the Agro-sector, would be commissioned in the Second Quarter of the financial year 2022.
Julius Berger has resolved to seize the enormous opportunity it had identified in the cashew nut industry.
It’s interesting to note that the market for cashew nut has always existed. Business Insider Africa reports cashew nuts have consistently ranked among Nigeria’s top agricultural exports.
Statistics by the National Bureau of Statistics (NBS) reports Nigeria’s agro exports surged by 57.02% to $1.1 billion (N504.9 billion). Out of this amount, cashew nuts contributed $170 million (N72.8 billion). It was also the third most exported agro item, second only to Sesame seeds and Cocoa beans.
Clearly, cashew nuts have tremendous development potential built right in. This is something The Construction Giant is all too aware of, which is why it chose to make cashew nut processing the main objective of its agro-processing business.
With its technical know-how, Julius Berger is prepared to prosper in this new field of endeavour.
