Olam International Ltd, a Singaporean commodities trader, has announced the 100 percent stake acquisition of Nigerian dairy and beverage company Kayass Enterprises S.A. for $66.5 million, Reuters has reported.

The Singaporean company aims to tap into Africa’s second largest economy, and its fast-growing consumer market via the acquisition. Thus, bolstering its presence as Kayass already owns several brands – including the beverage “Nature’s Fresh” – with strong market presence.