One of Nigeria’s top agribusinesses, Olam Agri, is investing heavily in Corporate Responsibility and Sustainability (CR&S) to increase its influence on social, environmental, and economic development in the nation. The business has committed to a four-year development strategy and will be funding several CR&S projects with about ₦6.5 billion.
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The goal of these programs is to promote socioeconomic development in the areas in which they are implemented. These programs are a component of Olam Agri’s Seeds for the Future (SFTF) program, which is an award-winning sustainability initiative in Nigeria that aims to create a better future for everyone. The initiative’s five main goals are to support farmers and farming communities, improve youth education and skill development, empower impoverished women economically, promote health and nutrition, and lower carbon emissions across the board. From 2024 to 2028, the increased investment commitment will help Olam Agri achieve its goal of sustainable development throughout its business portfolio, which includes rice, sesame, cotton, edible oils, animal feed and protein, and wheat milling and pasta. For example, the agribusiness plans to invest approximately $1.07 million in initiatives in 2024 alone.
These initiatives have already included the presentation of education grants to fifteen University of Lagos qualified students in January, the awarding of scholarships to eighty-seven underprivileged students in Nasarawa State in June, the provision of manual harvesters for Jigawa wheat farmers, and the empowerment of one hundred and eighty-seven agri-extension workers in Kwara State in July. Among the other noteworthy provisions in the four-year plan are the following: distribution of harvesters to minimise post-harvest loss; involvement in public-private partnerships for seed and product R&D; capacity building of smallholder farmers in rural communities to enhance food security; and rehabilitation of rural roads to minimise disruption of the value chain.
“As a business founded in Nigeria over 34 years ago, we are committed to investing in initiatives that positively transform lives and impact the livelihoods of our host communities while scaling food production in the country,” said Anil Nair, Managing Director of Olam Agri in Nigeria, in response to the investment. “We are committed to putting our priorities into practice by executing significant sustainability projects throughout our value chain to further the current administration’s Renewed Hope Agenda,” he continued.
Our four-year implementation strategy seeks to have a significant effect that is advantageous to all.” On Thursday, August 1, 2024, a high-level delegation led by the Managing Director of Olam Agri in Nigeria paid a courtesy call to Babajide Sanwo-Olu, the Executive Governor of Lagos State, demonstrating Olam Agri’s commitment to sustainable socioeconomic interventions and addressing the current food inflation and market challenges in the country. Given the strategic economic importance of the state, the Managing Director looked to establish relationships with the State Government during the visit in order to deepen investments for increased food production and employment development. Olam Agri has been driving productivity in the agricultural value chain; Governor Sanwo-Olu complimented them and emphasised the necessity for further efforts.
“Olam Agri has established itself as a notable leader in Nigeria’s agricultural industry,” he said. This conference offered a fantastic forum for exchanging ideas and talking about how to increase our contributions to this important field.” He went on to say, “Food security is as important as medical security or sovereign security during times of conflict, which is why the agro-food processing sector is so important. Nowadays, food security is the highest level of security available.”
