Tomato Jos secures $2.5 million investment to expand tomato production in Nigeria

Agriculture Financing Initiative (AgriFI), funded by the EU, has committed $2.5 million to Tomato Jos Inc. to boost climate-smart tomato production and processing in northern Nigeria. The investment, facilitated by the European Development Finance Institutions Management Company (EDFI MC), will finance packaging equipment, factory upgrades, and a more extensive drip irrigation system.

This convertible-note investment aims to expand Tomato Jos' product range, cut production and energy costs, deepen ties with smallholder farmers, and increase the availability of locally processed tomato paste nationwide. Tomato Jos' CEO, Mira Mehta, expects the investment to boost annual fresh-tomato production to 16,000 tonnes by 2029, up from 4,500 tonnes currently.

EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, highlighted how private capital can bolster local agricultural value chains, and the investment is expected to trigger a $6 million equity round in 2028, representing a 3.2 times leverage factor. Tomato Jos CEO Mira Mehta emphasized the company's commitment to building a more resilient tomato value chain in northern Nigeria, with the ultimate goal of making high-quality tomato paste more accessible to consumers while generating reliable economic opportunities for farming communities.