Firm to Invest Over N90.5m to Boost Cashew Production
Adedayo Akinwale in Abuja
A firm, Lumière Group International (LGI) has revealed that it plans to invest the sum of $117, 000 which is equivalent to N90,148,502 to boost cashew production in the country.
The Chairman of the company, Douglas Fordjour, disclosed this at a press conference on friday in Abuja.
He said the commodity trading, finance and investment group of companies is registered and operating in association with Joint Venture (JV) Partners in West Africa, East Africa, Central Africa, Europe and the United Arab Emirates.
Fordjour, an investment professional and a global trade finance expert with 21 years of experience in financial instruments, leverage finance and the provision of International Trade Finance services, noted that the company’s incursion to Nigeria was due to the opportunities and potentials in the country.
According to him, We are an experienced and skilled financial trading company, as well as global buyers and suppliers of all types of commodities –Agricultural, Fuel and Petroleum refined products. LGI and its JV Partners have over 20 years of combined experience. We currently buy and sell a wide variety of Petroleum Crude Oil and Refined Fuel Products, Gold, Rice, Sugar and Cashew.
Fordjour noted the aim of the company is to transform the face of trade finance across Africa, providing solutions where others have failed and thereby changing the narrative.
His words: “Nigeria is the saviour of Africa, I think perhaps, when somebody hears this, he may not like it, but to me, it’s a fact. The day Nigeria would rise is a day Africa would stand. I’m not saying that because I’m here.
“We have seen a lot of opportunities here and in Africa. But we also see a lot of problems and I think as a child of God, we are born to be solutions to the problem. And I think as a child of God too, we are mandated to subdue whatever tests we might find.
“What we intend to do is to add value to cashew and we realise we had a large order to supply a company in Europe. And we realised something, that you will make a decent amount of your 35 percent margin, but if we roast the same cashew nuts and package it, the profit margin will jump from 35 percent to 85 percent. Same product, the roasting plant won’t cost more than $117,000. We will make 85 percent returns.
“So anything that we are doing is something we have practically done over the course of our training period we had for about nine years,” Fordjour added.
The chairman also disclosed that the company is also introducing a product called EcoBoost to the Nigerian market.
He emphasised that the product reduces fuel consumption by over 10 percent; reduces corrosion, disperses water, sludge and biomass in fuel tank; stabilizes fuel for long term storage; Improves engine performance, extends engine life and lowers maintenance costs; and reduces ISO 4406 particulates, CO2, CO, HC and NOx emissions and removes combustion chamber deposits.
Fordjour added that the company is the exclusive distributor of EcoBoost Enzyme fuel treatment in 16 African countries.
He, however, called on the federal government to create a conducive environment for companies to grow.
“So all we ask is the market to be open. And I can see certain things happening now in regards to energy provisions where individuals will get the necessary license to produce energy. So I think that is a good thing. So companies like us will be able to use solar, invest in solar and we will be able to provide non-stop electricity for such areas,” Fordjour said.
