Economy
AgroEknor Seeks to Transform Superfoods Value Chain
By Adedapo Adesanya
Nigerian agri-tech startup, AgroEknor, has disclosed that it was working on transforming the value chain of superfoods with scalable digital infrastructure through backward integration.
Through this value chain, investments and solutions are provided for agro products which have created higher income opportunities for smallholder farmers and also reduced wastage in the agricultural value chain.
The startup came about after the team spent around 12 months researching which products were most viable for trade.
“We were able to identify the opportunity with superfoods. We then joined a few industry groups and began to engage potential partners and stakeholders to establish our credibility and build the business,” the co-founder of the startup, Mr Timi Oke said.
“We eventually secured an order of 60 tonnes of containers of dried hibiscus from a Mexican customer. We were upfront with the customer that this was our first deal but we were able to give them enough assurances to go ahead with the transaction. Myself, Ayo and Attah [co-founders] used our own money to purchase the hibiscus from middlemen who procured it from small-scale farmers across Northern Nigeria.
“We successfully completed the order, delivering 60 tonnes of dried hibiscus to a satisfied customer, and that was the beginning of the long journey that has brought us to where we are today,” he added.
The company said there is a growing global demand for natural, nutrient-rich meals, and changing lifestyle choices, which is driving the global superfood trend, with demand expected to reach $204 billion by 2025.
“Hibiscus, for example, is predicted to be one of the biggest global food trends in 2022 and Nigeria happens to be one of the largest growers in the world. With scalable digital infrastructure and impact-driven, inclusive partnerships, AgroEknor is helping farmers and other players in Nigeria’s superfoods value chain to maximise the opportunity that is available to them by driving greater efficiency and enabling increased export earnings,” the founder said.
“The opportunity to transform Africa’s agriculture sector is attracting more attention and drawing more players to the market but our focus on superfoods is our main differentiator. As most of our customers are based outside Nigeria, our competition is typically agribusinesses from other parts of the world where some of these superfoods are also grown.”
AgroEknor secured an undisclosed investment from Aruwa Capital Management, an early-stage growth equity and gender lens fund investing in Nigeria and Ghana, in November of last year, and has also received some grants, including the export stimulation facility from the Nigeria Export-Import Bank (NEXIM).
“We are currently in the process of engaging investors to secure more funding to drive the delivery of our tech-enabled solutions,” Mr Oke said.
Regardless of funding, the company says adoption has been strong. It claims that over the last five years, it has empowered over 5,000 smallholder farmers with farm inputs to maximise crop cultivation potential and exported more than 15,000 tonnes of agricultural products to clients globally.
“Through our end-to-end value chain involvement, we are able to enhance food security, extend shelf-life of agro commodities and ultimately improve palatability and export value of agricultural commodities,” he explained.
AgroEknor currently exports agricultural products to global clients spanning Asia, Europe, North, and South American markets.
“Over the next few years we want to scale our sourcing and processing infrastructure to three identified value chains across West Africa,” he said.
Founded in 2013 by brothers Timi and Ayo Oke alongside Attah Anzaku, AgroEknor operates by sourcing, refining and exporting superfoods such as dried hibiscus flower, ginger, sesame seeds to global clients. It has 68 employees and counting and operates from two locations – a processing centre in Kano and a liaison office in Abuja.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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