Zimbabwe-based Seedco is due to sell its first pack of seed in the Nigerian market during the 2013 — 2014 season.
“Entrance into the Nigerian market will be a game changer in terms of the population size of that country. Its market is bigger than all the markets we operate in, combined,” Seed Co group chief executive officer Morgan Nzwere said.
The company made a profit after tax of $19 million for the year ended March 31 2012. Revenues for the year went up 20% to $117 million, while sales volumes rose 22% to 67 240 metric tonnes.
Nzwere said during the year under review, an over-supply of seed on the market forced the company to reduce prices by about 10% in Zimbabwe, while devaluation of the kwacha in Malawi also affected its pricing in that market. The new political dispensation in Malawi, according to Nzwere, had brightened business prospects as the new government had promised to continue with the subsidy programme.
The company released eight new varieties in 2012 and was in the process of building a new technology laboratory.
