SINGAPORE commodities trader Olam International said on Monday it will invest US$128.4 million (S$193 million) in a port-based sugar refinery and wheat milling in Nigeria.

Olam will invest US$91 million in a 49:51 joint venture with Modandola Group (MG), and acquire a 49 per cent stake in Standard Flour Mills from the group for $32.5 million, with a further US$4.9 million to increase capacity. -- REUTERS