Valency International, a prominent Singapore-based agribusiness company, has officially inaugurated one of the largest cashew processing plants globally in Abidjan, Côte d'Ivoire. The state-of-the-art facility, designed with an annual capacity of 45,000 metric tonnes, was made possible through a USD 40 million investment, co-funded with debt financing from Norfund and Finnfund.

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This significant project, a milestone in the company’s growth strategy, aims to transform Côte d'Ivoire from a raw cashew exporter to a major player in processed cashew products. With local processing set to increase, this facility will help meet Côte d'Ivoire’s ambitious target of exporting 50% of its cashew production by 2026.

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The plant was inaugurated by His Excellency, Minister for Industry Dr. Souleymane Diarrassouba, who attended on behalf of Prime Minister Mr. Robert Beugré Mambé. Valency’s Chairman, Mr. PK Jain, highlighted the socio-economic impact of the plant, stating, “This project will create over 2,000 jobs, 80% of which will be held by women, empowering families and uplifting communities across the country.”

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In addition to cashew processing, Valency plans to expand its operations to include a bioproducts plant focused on producing biochar and biofuels, converting agricultural waste into renewable energy and sustainable materials.

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Valency’s CEO, Sumit Jain, emphasized the long-term vision: “By processing cashews locally, we aim to elevate Côte d'Ivoire’s position from exporting raw products to delivering finished products that carry the ‘Product of Ivory Coast’ label, ensuring prosperity for local farmers and workers.”

This landmark initiative has been supported by several financial partners, including Norfund, Finnfund, BII, ABSA, and IFC, and is backed by Côte d'Ivoire’s government, which has created a conducive business environment through incentives for local processors.

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There is much room for development as sources say the global market for edible nuts like cashew, estimated at US$303.5bn in 2023, is projected to reach US$459.bn by 2030. The Cashews segment itself is set to grow at 6.6% CAGR over the next 7 years (source by the National University of Singapore).