AgroEknor secures Acumen investment to expand hibiscus exports from Nigeria
The new funding will help the company grow its farmer network and scale exports to key global markets.
NIGERIA – Nigerian agribusiness, AgroEknor, has secured fresh funding from global impact investor Acumen to expand its hibiscus sourcing, farmer support, and export operations.
The company said the investment will provide working capital for hibiscus procurement and export logistics, support the purchase of a sorting facility, and help scale its Farmer Empowerment and Empowerment Program. AgroEknor currently works with 6,000 smallholder farmers, 82 percent of whom are women. The firm plans to grow this number to 24,000 farmers in the coming years.
“This investment allows us to strengthen our supply chain while deepening our support for farmers,” the company said in a statement. “We want to ensure that more rural households benefit from structured export markets.”
AgroEknor reports that two out of three of its farmer partners have seen an improved quality of life since joining its network. The company also states that 70 percent of its farmers have recorded income growth.
The firm exports dried hibiscus to Mexico, the United States, and China. It also produces Madala, a hibiscus cordial for the local Nigerian market. AgroEknor owns one of only seven Nigeria Agricultural Quarantine Service accredited fumigation chambers in the country. Through its YieldPro traceability platform, the company tracks produce from farm to export, helping it meet global buyer standards.
“AgroEknor shows how export agriculture can create income for smallholder farmers, especially in Northern Nigeria where poverty remains high,” Acumen said. “We see strong potential for both commercial growth and social impact.”
Growing global market
The investment comes as global demand for dried hibiscus continues to rise. The hibiscus flower powder market reached US$176.43 million in 2025 and is expected to grow to US$188.36 million in 2026. Long term forecasts show the market could reach US$339.36 million by 2035, reflecting steady annual growth of 6.76 percent between 2026 and 2035.
Another market analysis valued the sector at US$300 million in 2024 and projects it could reach US$700 million by 2033, driven by stronger annual growth of 9.8 percent.
Consumers increasingly seek natural, plant based ingredients in food and beverages. Manufacturers also use hibiscus in herbal remedies, immunity products, and cosmetics. Mexico, the United States, and several European countries continue to record strong import demand, particularly for teas and functional drinks.
With fresh capital and rising global demand, AgroEknor aims to strengthen its position in the export market while expanding income opportunities for thousands of Nigerian farmers.
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