EDFI invests US$2.5M in Nigeria’s Tomato Jos to scale up processing
Tomato Jos expects to increase annual fresh tomato output to about 16,000 tons by 2029, up from just over 4,500 tons today.
NIGERIA – EDFI Management Company (EDFI MC), through the European Union-funded Agriculture Financing Initiative (AgriFI), has signed a US$2.5 million convertible-note investment in Tomato Jos Inc., a vertically integrated tomato farming and processing business in northern Nigeria, the company said.
Tomato Jos produces and sells consumer-packaged tomato paste across Nigeria, integrating farm operations, smallholder sourcing, and local processing.
According to the company, more than half of its raw materials are sourced from smallholder farmers in Kaduna State.
The investment will finance packaging equipment, factory upgrades, and expanded drip irrigation, EDFI MC said.
It will also support plans to introduce additional product formats and serve new customer segments, including B2B and HoReCa customers. Moreover, the investments are expected to lower energy and processing costs.
Gautier Mignot, the European Union Ambassador to Nigeria and ECOWAS, said the investment supports a Nigerian business that creates local value from farm to shelf, reduces post-harvest losses, and expands market opportunities for smallholder farmers, particularly women. The EU-funded AgriFI ACP Regional Window provides the funding.
In addition, Rodrigo Madrazo, Chief Executive Officer of EDFI MC, said Tomato Jos’ integrated approach links farmers to reliable offtake and provides access to land, irrigation, inputs, and technical support, which can help raise productivity and incomes.
According to the company, Tomato Jos expects to increase annual fresh tomato output to about 16,000 tons by 2029, up from just over 4,500 tons today.
Furthermore, it also plans to increase its annual engagement with smallholder farmers from an estimated 500 to 1,500 by 2029, while raising income per farmer by more than 150% between 2024 and 2029.
Mira Mehta, Founder and CEO of Tomato Jos Inc., said the investment will support output growth and market expansion, reduce energy costs and the carbon footprint, and increase engagement with smallholder farmers.
More importantly, the operations aim to reduce post-harvest losses and increase the availability of locally processed tomato paste.
Lastly, the investment is also expected to catalyze a US$6 million equity round in 2028, with an anticipated leverage of 3.2x, according to EDFI MC.
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