Sabou Capital provides $2m debt facility to Nigeria's Tomato Jos
Tomato Jos is a tomato-paste manufacturer headquartered in Kaduna, Nigeria.
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Sabou Capital has announced a $2 million impact-linked debt facility to Tomato Jos Farming and Processing Limited, a tomato-paste manufacturer headquartered in Kaduna, Nigeria. The naira-denominated facility will support the company’s growth, the expansion of its smallholder farmer network, and the build-out of its processing capacity.
“Tomato Jos is exactly the kind of business we back, one that turns an import dependency into local jobs, farmer income, and a stronger domestic economy. We structured this deal so that our financial return grows with the impact they create,” said Surayyah Ahmad, managing partner at Sabou Capital.
According to Sabou Capital, Nigeria consumes more than 2.3 million tons of fresh tomatoes each year. Historically, up to 90% of all processed-tomato demand was met through imports. Following the federal government’s recent ban on tomato-paste imports, that market is now open to domestic manufacturers and Tomato Jos, with its certified processing facility and established supply chain, is positioned to fill it.
“As Tomato Jos continues to grow, partners like Sabou Capital are crucial to our journey. The opportunity in front of us is real, but so is the competition; we’re up against international organisations with deep pockets. We are grateful to investors like Sabou who understand why our business matters beyond the cheque they write and the financial return they will get, because supporting us means supporting a community of over 10,000 small farmers and their families,” commented Mira Mehta, founder and CEO of Tomato Jos.
** Read more from How we made it in Africa: Producing tomato paste in Nigeria – Tomato Jos’ seven-year journey
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