By Ngozi Uchenna Nwoke
Chief Ifeyinwa Nnanna Mba is the Managing Director/Chief Executive Officer of a Nigeria brand that processes and markets Nigerian foods like Nigerian Rice, the most popular of its products. The company also trades in branded Soya Oil, Palm Oil, Plantain Flour and Tomato paste.
A graduate of Business Administration from Ambrose Ali University, Ekpoma, Edo State, Ifeyinwa Nnanna Mba combines her strong academic background with a burning desire to achieve success in agribusiness.
In this interview with Daily Sun, she disclosed how she took the world by surprise when she delved into processing and marketing of agricultural produce. By venturing into an area that many young women and even men of her generation would not consider as a source of livelihood, she is fast becoming the new face of modern agriculture in Nigeria.
Share with us what inspired you into your kind of business and how the journey began.
My entry into the agric business couldn’t have come at a better time. In what appears to be a paradigm shift in investment in agriculture, Diva World Trading Services has opened a window of opportunities for prospective investors in the agricultural sector and has created direct and indirect employment for many Nigerian youths. Diva World Trading Services has a 30 tons rice mill located at Mgbidi in Imo State, the first of its kind. Aside from being a thing of pride, it is also attracting other investments to its host community. It is a boost to the economy of Imo State and the country despite the high cost of production occasioned by the huge challenge of lack of access road, water and electricity supply to the area.
The factory has the capacity to process between 15,000 and 25, 000 kg of rice per day, and 50 TPD of oil processing line. The mill is a partnership between Diva World Trading Services and renowned for their top range machineries. We currently have a workforce of 24 men and 10 women, making a total of 34 employees. We have a formidable team of professionals as management staff of the organisation. With uncommon passion and novel ideas about agribusiness, I strongly believe that agriculture is the new oil. Aside from our ultra-modern rice mill in Imo State, we also have branches in Lagos and Benue State with distributors in different parts of the country. So, I decided to invest in the mill because of the high demand of rice in the state and to create employment opportunities for youths. Also, when the president placed a ban on the importation of orieng rice, I took advantage of the opportunity.
Initially, I used to produce my rice in the Middle Belt but on a second thought, I decided to set up a factory in Imo State since there is no rice mill there. Today, this is the result of that decision that I took early last year. This factory cost over N450 million to establish because all the machinery was imported from China and we are still spending because we operate on diesel for 24 hours as we don’t have a stable electricity power supply.
How do you source the agricultural products that you process?
Our paddy comes from the Northern part of the country and some part of the South east. Our soya beans also come from some parts of the North. Our palm oil comes from the east and our plantain is sourced from the western part of Nigeria. So, this shows that Nigeria being a country rich in agricultural resources, is where we source for all our products.
What are the challenges you are facing in your business?
Lack of regular power supply is a big challenge for us. The government needs to assist in the provision of accessible roads and electricity supply to reduce the company’s production. On a daily basis we consume a lot of electricity processing our products and that is cost effective. You can imagine the amount of diesel we consume with the hike of diesel. It is extremely discouraging and makes us lose in gain.
Has the insecurity in the country affected your business in any way?
Yes it has. We source our products from local farmers across the country. and because of the insecurity, most of the farmers don’t go to their farms anymore for the fear of being killed or attacked. and for the few that still take the risk to go to their farms, sell the produce to wealthy people in the same line of business, who in turn resell the products to us at a very exorbitant price. if all the farmers are out there in their farms planting and harvesting, We won’t have any cause to inflate food prices. Insecurity has terribly affected us. We are just surviving because of our passion, resilience and determination to succeed in business; and also satisfy the needs of our customers and distributors.
How do you get funding to sustain the business especially with the economic decline?
We have not gotten any external financial support so far. But we have one or two commercial banks that are indicating interest in our business. We get our external funding from private investors who give us loans and we pay them when due. As much as we like to get funds from the bank, it has not been so easy, because of so many stringent conditions. We hear the Central Bank of Nigeria has opened up channels to help businesses like ours, we are optimistic that we will be lucky to get facilities from the government owned banks at a reduced interest rate and longer tenure.
How are you able to juggle business and family?
I always know how to balance the equation between my family and business and so far, none have suffered any lack. Fortunately I have an energetic and supportive mother who caters for my children, while I’m out there facing the business. but in all my family comes first. I create time for them, take them on vacation where I give them quality attention. I have capable hands in both my business and family.
How has it been for you as a woman doing business in a male dominated industry?
Women face a lot of challenges in society. First of all, many Nigerian women are not even exposed to proper education, even till today. So, that contributes to the high poverty rate amongst them. Even when they are educated, they are not given the proper opportunities to utilize their potential. A lot of the men are uncomfortable with their wives doing anything productive so many just want to keep their wives at home. So, you see a lot of intelligent women unable to do anything with their abilities. Even if they want to do something, the capital can be a challenge; there are hardly any organizations that help women and give them capital and nurture them in business.
What is your position on more Nigerian women getting involved in your kind of business?
I use this medium to encourage women to come out of their shells and embrace this business. Not only this business but become productive in their homes and the society. The vital role women play in development cannot be overemphasized. Women also need support and encouragement. We see how women who engage in petty trading are frustrated in the markets with outrageous taxes. The same happens in the corporate industry, where women are undermined or are regarded as weak due to their gender. Women need to be carried along. I have been fortunate with the moral support I get from men despite that it is a male-dorminated industry. I receive lots of encouragement from the opposite sex and I have never been dicriminated against because of my gender. That is not to say that gender dicrimination does not exist in the workplace. We just learn to overcome it and move on.
What would you like to be remembered for when you retire from your business?
I like to be remembered for the legacy I have created in job creation. My business living after me is enough of a memory for me. My children taking over my business is a good remembrance of me.