Lagos, Nigeria, September 5, 2022—To support the growth and sustainability of Nigeria's livestock industry, IFC today announced a partnership with the Nigerian subsidiary of Bar Magen LTD, Agro Bar Magen Nigeria (ABMN), a livestock feed manufacturing company operating in Nigeria since 2009, to increase production of livestock feed and the development of feed storage facilities in the country.
IFC's $4.5 million financing package, supported by the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP), will support Bar Magen to expand production of livestock feed additives such as vitamin & minerals premixes in Nigeria and to build the country's first salt & mineral block licks production facility, thereby improving smallholder farmer access to these critical animal feed nutrients. Salt & Mineral blocks licks are essential nutritional components for ruminant animals such as cattle, goats, and sheep.
The project will also support the company to expand its warehouse capacity to store feed raw materials, helping to prevent supply shortages and reduce reliance on imports.
Livestock is a priority sector for Nigeria due to its contribution to inclusive economic growth and food security, contributing around 8 percent of the national GDP. With nearly 70 percent of the operational costs of most poultry and other livestock operations going to feed, managing feed quality and cost is critical for Nigeria's sustainable livestock production.
"Agribusiness remains a significant contributor to the Nigerian economy. IFC's support is essential to help us respond to challenges resulting from the rising costs of importation and supply chain bottlenecks of livestock feed. This partnership will help increase local manufacturing and distribution of feed additives, and develop the animal feed processing operations in Nigeria," said Rami Bergman, Founder and President of Bar Magen.
"IFC's partnership with Bar Magen will strengthen sustainable food systems in Nigeria and significantly contribute to food security and nutrition by supporting a more sustainable livestock sector. In addition to supporting the country's agriculture sector, the project will contribute to further developing Nigeria's manufacturing base for animal feed processing," said Kalim M. Shah, IFC's Senior Country Manager for Nigeria.
IFC's partnership with Bar Magen reiterates its broader work to support sustainable agriculture practices, develop regional value chains and markets, as well as expand job opportunities and economic inclusion in Nigeria.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
About Global Agriculture and Food Security Program (GAFSP)
The Global Agriculture and Food Security Program (GAFSP) is a global effort that pools donor resources to fund programs focused on increasing agricultural productivity as a way to reduce poverty and increase food and nutrition security. The Private Sector Window, administered by the IFC and supported by the governments of Australia, Canada, Japan, the Netherlands, the United Kingdom, and the United States, provides long- and short-term loans, credit guarantees, capital and technical assistance to private sector companies and financial intermediaries. It links smallholder farmers to markets by improving their access to finance, technology, expertise, and inputs.
About Bar Magen and Agro Bar Magen Nigeria
Founded in 1984, Bar Magen is involved in the development, manufacturing, and marketing of livestock feed' vitamin premix, concentrate and additives. It is headquartered in Israel, with a subsidiary in Nigeria ("Agro Bar-Magen Nigeria" or "ABMN") which started its operations in 2009. The Nigeria facility has a premix and concentrates facilities, warehouses, offices, and a quality assurance / control (QA/QC) laboratory. ABMN produces high quality vitamin and minerals premixes and imports a wide range of additives and raw materials for the Nigerian feed industry.
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