Coscharis Farms, an integrated rice processor that started operations in 2014 has secured an investment from Sahel Capital, under the Fund for Agricultural Finance in Nigeria (FAFIN).
According to the Managing Director for Coscharis Farms, Godwin Umeaka the investment in Coscharis Farms came at the right time, as the farm was in the process of installing a 40,000 MT per year rice mill.
He disclosed that an irrigation system would be to set up to enable multi‐cycle rice cultivation.
Umeaka added that the rice mill and irrigation system were expected to be completed by the fourth quarter of 2018.
“The investment has come at a time when we are ready to scale up our operations quite significantly. The Nigerian rice farm currently has 2,500hecters of land for rice cultivation, and it also plans to incorporate a robust farmer out‐grower development programme within Ayamelum, Anambra State, and neighbouring communities to reach 2,000 farmers that could provide rice paddy to its mill when completed. This will also help meet part of the estimated 5.9 million MT annual rice demand in Nigeria,” he said.
According to the Chairman of Coscharis Farms, Cosmas Maduka, “We are excited to welcome Sahel Capital and FAFIN into our fold. We have set out to build a company that is not only an industry leader, but one that will also provide economic opportunities for smallholder farmers and young people in Anambra State. The Sahel Capital teams have already demonstrated their ability to add value to our operations over the past 12 months, and we look forward to their support as we continue to expand our operations.” He explained.
He said that the FAFIN’s investment would provide the Company with the necessary resources to invest in critical infrastructure for both its farming and milling operations.