- Julius Berger’s diversification entails cashew nut processing.
- The company will unveil a new cashew processing plant in September.
- The cashew business has potential, having generated $170 million in export earnings for Nigeria in 2021.
Julius Berger Nigeria Plc, one of the oldest construction firms in West Africa, said it has completed the construction of its new processing plant in Lagos.
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, according to a public disclosure released today and seen by Business Insider Africa.
“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 company, which has dominated the civil engineering scene in Nigeria for years, first disclosed in 2020 that it was venturing into cashew nut processing. Back then, the news came as a joke to some stakeholders. But the company has since doubled down on the plan.
The company had seen an immense opportunity in the cashew nut business and was determined to take advantage.
Interestingly, this opportunity has always been there. Checks by Business Insider Africa showed that cashew nuts have always been among Nigeria’s top most exported agric produces.
According to information obtained from the National Bureau of Statistics (NBS), 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.
Indeed, the growth potentials inherent in cashew nuts are immense. Julius Berger knows this all-too-well, which is why it decided to make cashew nut processing the focus of its agro-processing venture. Armed with its technical expertise, the company is poised for a windfall in this new line of business.
Do note that Julius Berger incorporated 72 years ago. It constructed The Third Mainland Bridge in Lagos, the second longest bridge in Africa.
