Sifca Group said it plans to spend around US$420 million over the next five years on production facilities and plantations in Nigeria, Liberia, and Ghana. Sifca Group owns Africa's largest palm-oil refinery which is located in Ivory Coast. Sifca Group is also West Africa's top rubber producer.

Last week, Sifca Group raised around US$70 million through the sale of bonds. Sifca Group chief executive, Bertrand Vignes, said that they will use the capital to fund the expansion and will finance about 36% of the expansion costs.

Mr. Vignes added that the remainder of the funds will be coming from partnerships, if not, bank loans.

"Our strategy is to consolidate our footprint in West Africa and to continue growing in the countries where we are based. Sifca is on watch for opportunities particularly in palm oil and rubber, in the region and continent," Vignes explained.

The expansion plan follows a World Bank report that stated demand for the most popular cooking oil in the world may double by 2020.