Ekiti State begins milk production in partnership with cowbell
The Ekiti State government has succeeded in revamping the Ikun Dairy farm located in Moba to produce milk for Cowbell’s factory. Cowbell is a subsidiary of the Promasidor Group. Ikun Farm spans across 1,000 hectares of land area and was established in the early 1980s.
The first phase of the project has been kick-started with approximately 100 cows. It is expected that the Ikun Dairy Farm will supply 10,000 liters of milk daily and create employment for over 1,000 people in Ekiti.
Promasidor is the leading provider of high-quality food products across various regions in Africa. Promasidor are makers of quality lifestyle products such as Cowbell milk, Loya Milk, Cowbell chocolate Milk, Miksi Milk, Top Tea, Onga food seasoning, Cereals amongst others.
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This is in furtherance of the Memorandum of Understanding (MoU) signed in July 2019 in Abuja for Promasidor’s backward integration initiative in line with the Federal Government’s policy that Diary companies should source for local raw materials for their products to grow the local economy and reduce the importation of raw materials that are available in Nigeria. Backward integration is a process in which a company acquires or merges with other businesses that supply raw materials needed in the production of the finished product. For Promasidor, backward integration will result in cost savings, increased revenues, and improved efficiency in their production process.
Olivier Thiry, the CEO of Promasidor Group stated that the company would ensure maximum utilization of the farm’s potentials. He reiterated Promasidor’s commitment in creating a viable economic base for Ekiti State through employment opportunities and the formation of small and medium enterprises from the positive impact that will follow the operations of the Ikun Dairy Farm.
Promasidor has made an initial investment of $5m in the farm which will be invested to procure cattle, equip the dairy farm, establish a farm to produce feed and renovate existing buildings. This investment and partnership with the Ekiti state government will spur economic growth and prosperity, development of human capital, increase productivity and increase the income of Ekiti State.