The board of Julius Berger Nigeria has approved the diversification of its operations into the agro-processing industry.
According to a notice sent to the Nigerian Stock Exchange (NSE) on Thursday, the board gave its approval at a meeting that held on September 22, 2020.
Cecilia Madueke, the company secretary, said the diversification is based on recent developments in Nigeria and reforms undertaken by the federal government.
“The goal of the board of directors and the executive management of Julius Berger is to deliver on that strategy by maintaining and strengthening the company’s competitive advantages in the construction sector, and capital market,” the notice read.
“We have severally advised the market that Julius Berger will be looking into diversification opportunities, based on the emerging developments, political, economical and structural in Nigeria and the resultant reforms by the governments.
“We would advise the exchange and the capital market that the board of Julius Berger at its meeting held on September 22, 2020, approved a diversification opportunity for the company in agro-processing.”
It said the diversification will support its success in the future and align with the government’s strategic objective of stimulating value creation in Nigeria.
The Muhammadu Buhari-led administration has been working to reduce dependence on imported items and has developed the ‘Eat What We Grow’ campaign to encourage local production and value addition.