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The Fund for Agricultural Finance in Nigeria (FAFIN) has invested an undisclosed amount in Dayntee Farms, a commercial poultry farm located in Kwara State.

FAFIN’s investment in Dayntee Farms is aimed at expanding the poultry company’s production capacity to tap the growing demand for protein in West Africa, according to Sahel Capital, the Nigeria-based private equity firm that manages FAFIN.

“We decided to invest in Dayntee Farms after a thorough analysis of the opportunities in the Nigerian poultry sector,” said Olumide Lawson, a Partner at Sahel Capital. “We are particularly excited that Dayntee Farms is the latest addition to our portfolio and have full confidence in its management team. In addition, we believe that with our recent investment, the company has the potential to grow significantly into a market leader in the next few years.”

Founded in 2011, Dayntee Farms sells a range of poultry products including eggs, day-old chicks, and point-of-lay hens in Nigeria. As part of the deal, Sahel Capital’s Lawson and Olaniyi Oladejo will join Dayntee Farm’s board of directors.

“Sahel Capital has come in at a time when Dayntee Farms is ready to move to the next state of its growth,” said Ayo Alade, the Managing Director of Dayntree Farms. “They are the right kind of partners for us because they share our vision for the company and have the expertise and resources to help us realize it.”

FAFIN is an agribusiness-focused investment fund that provides capital and technical assistance to commercially viable agricultural SMEs in Nigeria. The fund is backed by the Nigeria Sovereign Investment Authority, Nigeria’s Federal Ministry of Agriculture and Rural Development, the Africa Development Bank, and the German KfW development bank.

FAFIN currently has a target to raise $55 million to reach its final target of $100 million in investment fund.

Apart from Dayntee Farms, FAFIN has also invested in Kano-based L&Z Integrated Farms – an integrated dairy farm – and Lagos-based Diamond Pearls Agro Allied – a producer of edible oils.