At the recent Agrofood Exhibition in Lagos, Funmi Babatunde-Dada, Executive Director of TECO Group, emphasized the urgent need for thinkers and innovators to address the unique challenges facing Nigeria’s agrifood industry.
TECO Group, with over 45 years of pioneering engineering solutions, continues to drive industrial growth and economic development across Nigeria and Africa.
In her advice to aspiring engineers and innovators, Funmi called for more thinkers and problem solvers within Nigeria. “We need more thinkers. When Nigerians leave Nigeria and go to other parts of the world, they go there and do great things, right? Can we have the Nigerians that are still here, the engineers that are still here, innovating, coming up with solutions for Nigeria, because we are the only ones that can solve the problems that we have. So, I would say if you want to come into this space, please come. We need more engineers, we need more people that can conceptualise solutions to our problems. And I think that if you’re able to do that, there’s a market, there’s a gap that can be filled. And there’s a big gap that all of us can play a part in.”
Highlighting the company’s success stories, Funmi proudly remarked, “The fact that we have been around for 45 years is a success story. One of our clients owns the biggest local oil palm processing businesses in Nigeria. We’ve built about five or six palm oil mills for him. The first mill we built for him, I think, was 25 years ago. Since then, he’s built many more. We’ve been part of his success and growth story, and we’re very happy about that. We’ve built numerous palm oil mills across Nigeria over the last 45 years.”
Discussing the lucrative nature of the business, Funmi emphasized TECO Group’s focus on building industries and filling gaps in the processing industry. “Our motto in TECO is to create innovative machinery that improves livelihoods and transcends generations. That’s our motto. So, our focus is really about building industries where we see there’s a gap. And there’s a really big gap in the agro food processing industry in Nigeria, a really big gap. And that’s the gap we’re trying to fill wherever we can. Even if it’s a little bit of that gap that we can try and plug, that’s where our focus is. And my belief is always, if you provide the right value, the financial rewards will take care of themselves.”
Funmi also addressed the challenges faced by TECO Group, including access to affordable finance and obtaining raw materials. She explained, “Access to affordable finance, not just finance, remains a significant issue. Moreover, obtaining raw materials poses challenges since, even locally sourced materials are still imported. In Nigeria, no one manufactures steel, meaning efforts to provide affordable, locally made solutions are indirectly tied to the volatility of the currency against the dollar. Steel sheets and gear motors, for instance, are imported, making them subject to fluctuations in exchange rates. This impact cascades through the pricing structure, affecting the cost of raw materials and ultimately the price of equipment. These are the types of challenges we continue to face.”
Power supply also represents a major hurdle for TECO Group. Funmi shared, “For over 34 years, our factory operations in Owo, Ondo State, have proceeded without electricity. Generators have been relied upon for 34 years, and high diesel costs exacerbate the situation. The lack of access to electricity directly affects the business’s efficiency. While the challenges are daunting, efforts remain focused on overcoming them and striving for success as a business.”
TECO Group remains committed to its mission of creating innovative machinery that improves livelihoods and transcends generations, driving industrial growth and prosperity across Nigeria and Africa.
