Manufacturing Africa's Asanita gets US$675k

Asanita secures $675,000 to start feedstock development for a $22M bioethanol plant focused on clean cooking.

Driving growth for Asanita

Cassava is one of the most efficient feedstocks for ethanol production, and Nigeria is the world's largest producer of cassava. Yet up to 50% of the crop is lost due to poor post-harvest handling, while more than 80% of the country's ethanol demand is met through imports.

Based in Edo State, Asanita Agricultural Processing Company is developing an integrated agricultural processing park comprising a 50,000-litre-per-day bioethanol plant, a food- and medical-grade carbon dioxide plant, a biomass power plant, and a nucleus cassava farm supported by an outgrower scheme.

Through local production, Asanita aims to supply high-grade ethanol to Nigeria's pharmaceutical and cosmetics industries while serving the growing demand for biofuels in clean cooking and transportation.

Manufacturing Africa supported Asanita’s investor readiness by helping the company:

• Assess the commercial opportunity across target markets
• Structure its capital raise and identify prospective investors
• Refine its investor pitch materials
• Strengthen its ESG credentials

Resulting impact

• Green transition - Production of bioethanol with a core emphasis on biofuel for clean cooking and other applications, demonstrating a clear climate change mitigation focus
• Import substitution - Over 80% of Nigeria's ethanol demand is currently met through imports; Asanita will increase the availability of locally produced ethanol and contribute to closing this gap
• Circular economy - Through the use of cassava in bioethanol production, the conversion of waste into biomass to generate 2.2MW of electricity, and the efficient capture of carbon dioxide emissions from the production process

Programme impact achieved to date

• £2B In foreign direct investment mobilised
• 150K Jobs committed
• 300+ Companies being supported
• 57 Companies raised capital