Acumen backs Nigerian hibiscus exporter AgroEknor
AgroEknor exports dried hibiscus to Mexico, the United States and China.
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Acumen has invested in AgroEknor, a Nigerian agribusiness company operating across the hibiscus value chain, from smallholder production to processing and export.
The company exports dried hibiscus to buyers in Mexico, the United States, and China, while also processing hibiscus into Madala, a locally distributed cordial drink that creates additional value and income opportunities within Nigeria.
“We are proud to welcome Acumen as a strategic partner in AgroEknor’s next phase of growth. Their investment validates our mission to build a world-class agro-industrial company rooted in African ingenuity, farmer prosperity, and sustainable value-chain transformation,” said Timi Oke, co-founder and chief executive of AgroEknor.
“AgroEknor exemplifies Acumen’s investment thesis that sustainable business models can drive transformative social impact at scale,” said Babatunde Usman, investment manager at Acumen. “By connecting smallholder farmers, particularly women, to premium global markets while providing climate-smart training and fair pricing, AgroEknor is enabling smallholders to graduate from subsistence into commercially viable farming practices creating repeatable pathways to economic resilience.”
* Read more from How we made it in Africa: Entrepreneur turns Nigerian superfood into a global export business
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