Aruwa Capital Management has backed a rapidly-growing processor and exporter of dried hibiscus flowers based in Kano State in northern Nigeria. The business, Agroeknor International, will use the capital to support its growth plans which involve expanding its market share in select markets in Asia, Europe, and North America where it already has clients. It will also look to secure global food safety and hygiene certifications for its products in those markets. The amount being invested by Aruwa and the size of the stake being added to the portfolio have not been disclosed.
Agroeknor sources fresh hibiscus flowers locally in Nigeria which are then dried before being sold to food and beverage industry clients overseas who use the dried flowers are used to flavour healthy teas and other drinks. The pharmaceutical industry also uses Agroknor’s products in immunity-boosting and high blood pressure medicines.
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