Wilmar forms 50:50 joint venture with TGI Group in West Africa

The JV links upstream agriculture with processing and distribution assets.

Wilmar International has entered into definitive agreements with Tropical General Investments (TGI) Group to combine their respective operations in Nigeria and the Republic of Benin into a 50:50 joint venture, according to a joint company statement.

The joint venture will be structured through a Singapore-incorporated holding company jointly owned by both parties. 

The transaction will consolidate a portfolio of businesses spanning upstream agriculture, oil palm plantations, edible oils, rice, culinary products, food manufacturing, and distribution across both markets.

"Nigeria and the Republic of Benin are key consumer markets in Africa, supported by a population of more than 260 million and sometimes experience structural deficits in both food production and distribution," said Kuok Khoon Hong, chairman and CEO of Wilmar International.

The companies said the combined platform will operate across upstream agriculture, processing, manufacturing, and branded distribution, with an addressable market of over $15.26b (US$12b) in Nigeria and Benin.

"This partnership is about combining strong operating businesses and building a long-term platform for growth that can scale with the needs of consumers and markets across Africa," said Rahul Savara, co-founder and group managing director of TGI Group.

Completion of the transaction is subject to customary conditions, including regulatory and merger control approvals, and is expected in the financial year ending 31 December 2026, the company said.