SAGAMU, OGUN STATE — In a major move to transform Nigeria’s agricultural value chain, indigenous agribusiness firm Cardinal Torch Company Limited has announced a $4.5 million investment to establish a new cashew-processing factory in Sagamu, Ogun State.
The strategic development marks a significant pivot for the company, shifting its focus from primarily exporting raw agricultural commodities toward robust local processing and value addition.
Set to commence commercial operations in the first quarter of 2027, the facility is projected to process 10 tonnes of cashews daily. According to details obtained by ABT NEWS, the plant will manufacture a diverse range of products, including semi-processed kernels, ready-to-eat cashews, mixed-nut products, and other packaged foods tailored for both domestic consumption and international export markets.
In a bid to maximize efficiency and minimize waste, the Sagamu factory will also incorporate the extraction of Cashew Nut Shell Liquid (CNSL). This valuable industrial by-product is widely utilized in the manufacturing of resins, coatings, and automotive components, creating a vital secondary revenue stream for the company.
This landmark investment arrives at a critical juncture for Nigeria’s agricultural sector. Currently, more than 85% of the nation’s cashew production is reportedly exported in its raw form, leaving massive economic potential untapped. Cardinal Torch’s initiative directly aligns with ongoing national efforts to retain more economic value within the country’s borders and stimulate local industrialization.
Founded in 2020, Cardinal Torch has rapidly emerged as a key player in the Nigerian agribusiness landscape. The new processing plant is just one piece of a broader, aggressive expansion strategy that encompasses cashew, soybean, and cocoa processing, alongside significant investments in logistics, warehousing, and consumer goods.
To support its ambitious growth trajectory, the company recently established a ₦30 billion Commercial Paper Programme. Last month, in July 2026, Cardinal Torch successfully raised ₦10 billion through its debut issuance under this programme, signaling strong investor confidence in its long-term vision.
As the Q1 2027 operational launch approaches, industry experts will be watching Cardinal Torch closely. The project will serve as a critical test of how ambitious financial commitments can successfully translate into competitive local manufacturing, stronger export profiles, and sustainable job creation within Nigeria’s burgeoning agribusiness sector.
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