Timi Oke
Timi Oke is the co-founder and CEO of AgroEknor, an organization exporting dried hibiscus flowers, grown in Nigeria, to world markets, together with the US, Mexico and Europe.
Whereas hibiscus stays AgroEknor’s predominant focus, Oke additionally sees alternatives in different crops grown in Nigeria and throughout the continent. “We have a tendency to take a look at commodities the place there is no such thing as a main participant already … So our precedence is area of interest markets the place the market management is for the taking.”
One crop Oke is passionate about is fonio, a drought-resistant, gluten-free grain with quite a few dietary advantages. Cultivated in West Africa for 1000’s of years, fonio stays under-commercialised.
The corporate grew to become fascinated about fonio after contemplating different crops that hibiscus farmers might develop. “You don’t want fertilisers for fonio, you’ll be able to actually simply throw the seeds of fonio on the bottom and it’ll develop … It might develop on any kind of soil.”
Oke mentions a recent article by Bill Gates highlighting fonio’s advantages and notes that brewer Carlsberg has launched a beer made solely from fonio grains, with out barley or bittering hops. He additionally factors rising demand for fonio in sure European nations.
Nevertheless, AgroEknor is primarily taking a look at fonio for the Nigerian market. “We’re extra fascinated about utilizing fonio as an alternative choice to rice domestically as a result of Nigeria imports rice and it’s simply not sensible.” But, Oke acknowledges one of many key challenges with fonio: its processing. The grain requires dehusking, which is a labour-intensive course of.
Learn extra: West African fonio company seeks piece of global gluten-free market
He additionally sees potential within the sisal plant, a cactus-like species whose fibres are utilized in merchandise similar to rope, string, yarn, and luggage. Sisal is more and more present in composite supplies for automobiles, furnishings, and development, in addition to in plastics and paper merchandise. AgroEknor has made small investments in sisal-related R&D actions. Nevertheless, the corporate discovered that reaching worthwhile margins via worth addition in sisal would require venturing into industrial manufacturing. In consequence, AgroEknor has set the concept apart to concentrate on different alternatives.
Learn extra: Sisal production akin to ‘printing money’ suggests METL Group boss
The corporate has additionally been concerned in ginger buying and selling previously. “We had quite a lot of purchasers within the world markets who wished us to assist provide ginger. And we checked out that worth chain, however in all honesty, it was a worth chain that already had very dominant gamers … And sure, opportunistically we’d commerce in it. However within the medium time period, we’re not seeking to construct out a future worth chain out of ginger as a result of there are already massive gamers who already management 80% of the market.”
Learn extra: Exporting ginger from Nigeria: Businessman sees big potential
AgroEknor can be exploring alternatives for crops past Nigeria. Certainly one of these is cloves, a high-value spice. “It’s not grown in Nigeria however it’s grown in different African nations,” Oke notes.
Watch our full in-depth interview with Timi Oke: Entrepreneur turns Nigerian superfood into a global export business