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Food Security: Olam Agri in Nigeria Temporarily Suspends Offtake of Maize and Sorghum

Lagos, Nigeria – February 16, 2024 – Olam Agri in Nigeria, a leading provider of differentiated food, feed, and fibre products, recognises the nation’s significant challenges of food insecurity. As a major buyer and processor of food staples, we share the concerns around the high prices and supply chain disruptions affecting the availability of essential grains.

In response to these challenges, we are actively collaborating with industry peers and government authorities to identify and implement strategic solutions to alleviate any additional stress on food availability. As part of our proactive approach, Olam Agri in Nigeria has decided to temporarily suspend the procurement of essential grains such as maize and sorghum immediately which will allow us to closely monitor market trends and adjust to market realities. This decision follows wide consultations with relevant authorities and is part of our commitment to manage the ongoing crisis.

During this period, our commitment to contribute to local food production capacities remains unwavering as we will ensure uninterrupted distribution of food supplies to the public. Our longstanding practice of sourcing essential grains from local Nigerian farmers has supported thousands of livelihoods and met the country’s demand for critical nutrients in daily diets.

We are steadfast in our commitment to driving sustainable socio-economic development and food security in Nigeria. We are committed and will continue to work closely with authorities to contribute to stabilising the current market challenges.

About Olam Agri
Olam Agri is a market leading, differentiated food, feed and fibre agri-business with a global origination footprint, processing capabilities and deep understanding of market needs built over 33 years. With a strong presence in high-growth emerging markets and products across grains & oilseeds, integrated feed & protein, rice, edible oils, specialty grains & seeds, cotton, wood products, rubber and commodity financial services, Olam Agri is at the heart of global food and agri-trade flows with 38.3 million MT in volume traded in 2022. Focused on transforming food, feed, and fibre for a more sustainable future, it aims at creating value for customers, enable farming communities to prosper sustainably and strive for a food-secure future. Olam Agri is a fully owned subsidiary of Olam Group. For more information and to subscribe to our news alerts, please visit https://www.olamagri.com/.

About Olam Group
Olam Group is a leading food and agri-business supplying food, ingredients, feed, and fibre to 20,200 customers worldwide. Our value chain spans over 60 countries and includes farming, processing, and distribution operations, as well as a global network of farmers. Through our purpose to ‘Re-imagine Global Agriculture and Food Systems’, Olam Group aims to address the many challenges involved in meeting the needs of a growing global population, while achieving positive impact for farming communities, our planet and all our stakeholders. Headquartered and listed in Singapore, Olam Group currently ranks among the top 30 largest primary listed companies in terms of market capitalization on SGX-ST.

Since June 2020, Olam Group has been included in the FTSE4Good Index Series, a global sustainable investment index series developed by FTSE Russell, following a rigorous assessment of Olam’s supply chain activities, impact on the environment and governance transparency. The FTSE4Good Index Series identifies companies that demonstrate strong Environmental, Social and Governance (ESG) practices and is used by a variety of market participants to create and assess responsible investment funds. More information on Olam can be found at www.olamgroup.com.

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