Tingo Facility Targeted At Saving Huge Forex From Import, Says CEO

An indigenous company which uses technology and data to enhance production and market participation in agriculture, Tingo Foods says its planned foundation laying ceremony for a state-of-the-art food processing facility is targeted at saving Africa from spending huge foreign exchange in food importation.

The project estimated to cost the sum of 1.6 billion USD, apart from ending the importation of finished food products into Africa, will also enhance the export of made-in-Africa foods to the world, enhance inter-Africa trade via the Africa Continental Free Trade Agreement, and sell high-quality and nutritious food products in Nigeria.

In a statement on Thursday, the founder Tingo International Holdings, owners of Tingo Foods, Dozy Mmobuosi stated that the project is expected to begin operations in the next 18 to 24 months.

According to the company, the facility located in Ishiekpe village, Onicha Ugbo Aniocha North local government area of Delta State, Nigeria will initially produce a range of products including rice, tea, coffee, chocolate, biscuits, edible oil, cashew milk, millet-based cereal, beer, mineral water, fizzy drinks, pasta, and noodles. The facility will also serve as a hub for the development and distribution of new products in the future.

The official foundation laying which will attract top personalities from the food chain, political office holders, farmers and others will is scheduled to take place on February 9, 2023 in Ishiekpe village.

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According to Mmobuosi, the facility is the first phase of a multi-billion-dollar investment that Tingo International Holdings plans to make in the African food industry.

The bulk of the cost is primarily machinery, which will be imported from some of the world’s leading manufacturers. Mmobuosi said, “As the founder of Tingo International Holdings, I am thrilled to be a part of this project, which I believe will play a significant role in helping Africa feed itself. This facility represents a major step towards building a sustainable future for Africa and creating a food-secure world.”

The facility is expected to create about 12,000 direct jobs, providing a significant boost to the Nigerian economy and contributing to the United Nations’ Sustainable Development Goals (SDGs).

The SDGs aim to end poverty, protect the planet, and ensure peace and prosperity for all. The facility’s job creation and wealth creation will help support SDG 8, Decent Work and Economic Growth, and SDG 2, Zero Hunger.