NATARI INTEGRATED KOGI LTD • EPC PROJECT
200 TPD Cashew Nut Processing Plant • Lokoja, Kogi State, Nigeria
3-Phase Equity Investment • $68M Programme • $18M Phase 1 • March 2026
$18M
Phase 1
$68M
Total Programme
200 TPD
Full Capacity
Q4 2027
Revenue Starts
Secure your stake in Nigeria's agricultural future
Live tracking of investment interest and confirmed commitments
THE PROBLEM
Nigeria is Africa’s 4th-largest cashew producer — yet over 90% is exported raw, leaving 3–5× the value on the table for Vietnam and India to capture.
<10%
Of 236,000 MT annual harvest processed domestically
>90%
Exported raw — value captured by Vietnam & India
3–5×
Value uplift lost: $400–600/MT vs $750–1,500/MT
7 of 12
Existing processing facilities operational — supply gap
ZERO
Modern full-auto facilities in North-Central RCN belt
THE OPPORTUNITY
Nigeria’s cashew export revenue surged 81% in one year — from $219M H1 2024 to $398M H1 2025, now Nigeria’s 3rd-largest non-oil export. Kogi State sits at the geographic heart of this production corridor, surrounded by 400,000+ smallholder farmers. No investor has yet built a modern, full-automatic facility here.
The Rivers Niger and Benue meet at Lokoja — the Confluence State. This is the first-mover corridor. The window is open — but it will not stay open.
THE SOLUTION
Built in 3 phases at 20.154 Ha in Lokoja, Kogi State. Full-Automatic processing with traceability. KSTPDB-permitted, COREN-certified. VCM Vietnam machinery under Thai EPC oversight.
01
CASHEW KERNELS
W180/W240/W320/W450 export-grade kernels for EU, US, India & Asia markets.
72%
of total revenue • $750–1,500/MT
02
CNSL OIL
Cashew Nut Shell Liquid for industrial resins & polymers. 150 TPD shell input.
18%
of total revenue • $350–600/MT
03
TESTA FERTILISER
Organic pelletised fertiliser sold to Kogi State smallholder farmers.
6%
of total revenue • $80–150/MT
04
BIOMASS FUEL
Shell pellets cutting plant energy costs by 15–20%. $40–80/MT.
4%
of total revenue
BUSINESS MODEL
Raw cashew sourced from 400,000+ Kogi & Kwara State smallholder farmers. Full-Automatic processing with ISO-aligned QMS. Export channel via Saencharoen Trading (Thailand JV) from Phase 1.
| Revenue Stream | Unit Price | Volume/Input | Target Markets | % Revenue |
|---|---|---|---|---|
| Cashew Kernels (W-grades) | $750–1,500/MT | ~50 TPD output | EU, US, India, Asia | 72% |
| CNSL Oil | $350–600/MT | 150 TPD shell | Industrial chemicals | 18% |
| Testa Fertiliser | $80–150/MT | Testa by-product | Domestic agri sector | 6% |
| Biomass Fuel | $40–80/MT | Shell by-product | Local energy market | 4% |
PLANT AT A GLANCE
| Full Capacity | 200 TPD Raw Cashew Nut (RCN) |
| Annual Throughput | 60,000 MT/year (300 working days) |
| Kernel Output | ~50 TPD finished kernel/day |
| Automation | Full-Automatic + Traceability |
| Power | 3,025 kW/hour |
| Water | 100 m³/day |
| Labour (Full Ops) | 986 workers |
| Site | 20.154 Ha — Lokoja, Kogi State |
| Technology | VCM Vietnam machinery, Thai EPC oversight |
COMPETITIVE LANDSCAPE
KEY DIFFERENTIATOR: Natari is the ONLY project combining full-automation + CNSL + Fertiliser + Biomass + Thai technical oversight in Nigeria’s North-Central RCN production corridor.
| Factor | Natari (NIKogi) | Existing Nigerian Processors | Vietnam/India |
|---|---|---|---|
| Processing Scale | 200 TPD (Full-Auto) | Mostly 10–50 TPD, semi-manual | 100–500 TPD, mature markets |
| Technology | Thai-supervised VCM Vietnam | Outdated semi-manual equipment | Most advanced globally, offshore |
| Location | Kogi — heart of RCN belt | Southern Nigeria — logistics gap | Import-dependent on African RCN |
| By-products | CNSL + Fertiliser + Biomass | Mostly discarded | Established but overseas |
| Value Retained | 100% in Nigeria | Partial | All value leaves Africa |
| Govt Support | 5-yr tax holiday, NEPC grants | Limited, inconsistent | Mature, low subsidy |
MARKET OPPORTUNITY
TOTAL ADDRESSABLE MARKET
$9.9B (2025)
Growing to $14.6B by 2031 at 6.74% CAGR
Global cashew market — kernels, CNSL, by-products. Driven by health snacking, plant-based diets and food processing in US, EU and Asia.
SERVICEABLE ADDRESSABLE MARKET
$3.3B (2025)
Growing to $5.0B by 2031 at 7.25% CAGR
West Africa commands 84.6% of African cashew production. Nigeria’s export revenue grew 81% in one year to $398M H1 2025.
SERVICEABLE OBTAINABLE MARKET
$45M+ (Year 3)
200 TPD × 300 days × ~$750–800/MT kernel ASP
Conservative 30% Year 1 ramp, full capacity Year 3. CNSL and fertiliser add incremental revenue on top.
GO-TO-MARKET STRATEGY
Three distinct phases of market penetration — each building on proven performance before the next commitment.
INVESTMENT STRATEGY
Capital drawn in milestone-gated tranches. Revenue funds the next phase. Investors see performance before committing more. The full $68M is not required on Day 1.
FINANCIAL PROJECTIONS
200 TPD capacity ramp from 30% Year 1 to 100% by Year 5. Kernel ASP ~$1,000–$1,500/MT (W320). Detailed financial model available on request.
| Metric | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Capacity Utilisation | 30% | 60% | 85% | 95% | 100% |
| RCN Processed (MT) | 18,000 | 36,000 | 51,000 | 57,000 | 60,000 |
| Kernel Revenue | $4.5M–$6.8M | $9M–$13.5M | $12.75M–$19M | $14M–$21M | $15M–$22M |
| CNSL Revenue | Nil | ~$3.0M | ~$4.2M | ~$4.7M | ~$5.0M |
| By-Products Revenue | Nil | Nil | ~$0.9M | ~$1.0M | ~$1.5M |
| Total Gross Revenue | ~$6.3M | ~$12.6M | ~$24M | ~$27M | ~$28M |
| OPEX (Monthly est.) | ~$25K/mo | ~$45K/mo | ~$55K/mo | ~$58K/mo | ~$60K/mo |
| EBITDA (Illustrative) | ~$5.6M | ~$11.9M | ~$23.3M | ~$26.3M | ~$27.3M |
RETURN PLAN & EXIT OPPORTUNITIES
Strong EBITDA from Year 3 provides the foundation for three distinct exit and return pathways.
Operating Returns
Dividend / Profit Distribution
✓ ~$23M+ EBITDA projected by Year 3
✓ Strong margins from low-cost domestic RCN
✓ CNSL & fertiliser provide downside protection
✓ Monthly OPEX ~$60K at full scale
Trade Sale Exit
Sale to Strategic Acquirer
✓ Olam, Wilmar, ETG actively acquiring processing assets
✓ Vietnamese & Indian processors seeking Africa supply chains
✓ EV/EBITDA 6–8× = ~$140M–$220M enterprise value
✓ Pan-African food groups expanding Nigeria footprint
IPO / DFI Pathway
Growth Capital / Public Markets
✓ Phase 2 expansion (400 TPD) as follow-on equity or DFI
✓ NGX listing or MSME Growth Board
✓ DFI refinancing (AFC, AfDB, IFC, DEG) after 12 months
✓ Kogi State Government as anchor shareholder
MASTER PROGRAMME TIMELINE
| Activity | Q2’26 | Q3’26 | Q4’26 | Q1’27 | Q2’27 | Q3’27 | Q4’27▶ | Q1’28 | Q2’28 | Q3’28 | Q4’28▶ | Q1’29 | Q2’29 | Q3’29 | Q4’29▶ | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investment Close / Permits | ||||||||||||||||
| Site Prep & Foundations | ||||||||||||||||
| Infrastructure (Power/Water) | ||||||||||||||||
| 50 TPD Equipment Order/Install | ||||||||||||||||
| Phase 1 Commissioning | ||||||||||||||||
| ▶ 50 TPD PRODUCTION LIVE | ▶ LIVE | |||||||||||||||
| 150 TPD Equipment Install | ||||||||||||||||
| CNSL Plant Installation | ||||||||||||||||
| ▶ 150 TPD + CNSL LIVE | ▶ LIVE | |||||||||||||||
| 200 TPD Module + Fertiliser | ||||||||||||||||
| ▶ FULL 200 TPD COMPLEX LIVE | ▶ LIVE |
MARKET VALIDATION & TRACTION
Formal EPC Mandate Executed
Saencharoen Trading 2018 Co. Ltd. (Bangkok) formally appointed as Business & Factory Consultant — January 2026.
FEED Documentation Complete
Front-End Engineering Design at Rev. 00. Draft layouts, equipment flow diagrams, site schematics (20.154 Ha) — February 2026.
Supplier Quotes Received
VCM Vietnam proforma invoice: $5.1M–$6.5M for 200 TPD full automation. Vietnam selected as primary over Locus India ($4.4M, 100 MT/shift).
Nigeria Export Market Surging
Cashew exports grew 81% from H1 2024 to H1 2025, reaching $398M — now Nigeria’s 3rd-largest non-oil export.
Government Support & Policy
5-year tax holidays; NEPC Export Expansion Facility grants; Kogi State targeting 70% domestic processing by 2030. KSTPDB & COREN pathway defined.
Ebonyi Hydroponic Pipeline
Natari pre-selected for Ebonyi State Ministry of Agriculture hydroponic project — demonstrating active government relationships beyond the Cashew Project.
INVESTOR PHASED COMMITMENT STRUCTURE
Each tranche is only released when the previous phase milestones are independently verified. Investors see performance before they commit more capital.
TRANCHE 1
~$18M
Q2 2026
Draw Conditions:
▢ KSTPDB & COREN permits confirmed
▢ Site prep & foundations complete
▢ 50 TPD machinery delivered & installed
▢ Phase 1 kernel production at ≥50 TPD
▢ First export kernel shipment dispatched
GATE: Phase 1 production & first export payment received → triggers Tranche 2 release
TRANCHE 2
~$28M
Q1 2028
Draw Conditions:
▢ Phase 1 ≥60% utilisation for 3+ months
▢ Offtake agreement for 150 TPD confirmed
▢ Phase 2 construction plan signed off
▢ CNSL plant commissioned & producing
▢ CNSL first revenue received by investors
GATE: 150 TPD kernel + CNSL operating at scale → triggers Tranche 3 release
TRANCHE 3
~$22M
Q1 2029
Draw Conditions:
▢ Phase 2 CNSL revenue confirmed ≥$2M
▢ 200 TPD detailed engineering approved
▢ Fertiliser offtake agreements in place
▢ All Phase 3 permits issued
▢ Phase 3 equity tranche confirmed & drawn
GATE: Full 200 TPD + CNSL + Fertiliser steady-state → investor return/exit pathway opens
IMPACT & VISION
Nigeria has the raw material, the land, the farmers and the ambition. What it needs now is the capital and technology to process what it grows. This is that investment.
1,200+
Direct jobs created
400K+
Smallholder farmers benefit
3–5×
Value uplift retained in Nigeria
Zero-waste
100% shell & testa valorised
THE FOUNDER
Founder & Managing Director • Natari Integrated Kogi Ltd • A4S Nigeria Co. Ltd
20+
Years Agribusiness
7
African Countries
$M+
Revenues Scaled
20+ years across agro-processing, input supply chains, export markets and agricultural infrastructure in Nigeria and across Africa. Deep government relationships with KSTPDB, NEPC, Nigerian Ministry of Agriculture and Kogi State Government. Formally appointed Saencharoen Trading 2018 Co. Ltd. (Bangkok) as EPC factory consultant.
“Nigeria has the raw material, the land, the farmers and the ambition. What it needs now is the capital and technology to process what it grows. This is that investment.”
THE PHASED ASK
$68M total. $18M to start. Revenue-funded growth to full capacity.
~$68M
Total Programme (3 Tranches)
$18M
Phase 1 — Q2 2026
Q4 2027
Revenue Starts
~$23M+
EBITDA by Year 3
$140M–$220M
Projected Enterprise Value
Dr. Eseni Ibiam Orji
natarinigltdagro@gmail.com
+234 901 461 4889 • +234 706 090 7281
200 TPD Cashew Nut Processing Plant. A 3-Phase programme with $18M Phase 1 investment. Revenue projected from Q4 2027.
Natari x Kogi Cashew Project
