Nigeria’s quest to diversify its economy from oil and growing agriculture seems to be gathering momentum as the Nigeria Sovereign Investment Authority (NSIA) has signed an agreement with Old Mutual Investment Group (OMIG) of South Africa, and African Agri-Investments (UFF) Agri-Fund for the establishment of a $200 million agriculture co-investment vehicle.

The African Development Bank approved a $9 million equity investment in the Fund for Agricultural Finance in Nigeria. The fund, which is managed by Sahel Capital, held a $34 million close in July last year and counts a number of other development finance institutions among its backers.

Sahel Capital is investing an undisclosed amount in a deal for Dayntee Farms, a commercial poultry farm located in Nigeria’s Kwara State.

Zambeef Products, the Zambian agricultural company, rose the most on record in London after announcing a $65 million investment by the U.K.’s Commonwealth Development Corp.

The Dutch Good Growth Fund is mulling a $7 million commitment to Sahel Capital‘s Fund of Agricultural Finance in Nigeria or FAFIN. The fund, which held a $34 million close in July last year, is aiming to raise a total of $55 million to invest in equity and quasi-equity deals in growth stage SMEs in the West African country.

According to the Nigeria Sovereign Investment Authority ( NSIA), operators of the country’s SWF, the growth represents a 20 per cent leap in total assets.

Sahel Capital, fund managers of Fund for Agricultural Finance in Nigeria (“FAFIN”), is pleased to announce its investment in Diamond Pearls Agro Allied Limited, a fast growing edible oil processing company in Nigeria.

FOR Muhammadu Abubakar, life is an uphill struggle. Farming in Nigeria is tricky at the best of times. Only the brave or the downright crazy would think of dealing in a perishable product like milk.