Nigeria’s pasta maker, Dufil Prima Food, makers of popular indomie noodles plans to raise 40 billion naira from the local debt market to broaden its funding base.

The company said on Monday that the issue has been approved by the Securities and Exchange Commission but that the timing of sale is subject to market conditions.

Dufil is a privately held company, set up over two decades ago and has grown to become the largest pasta maker in West Africa.

It even competes with publicly traded rivals such as Dangote Flourmill, Flour Mills of Nigeria and Honeywell Flour Mills.

Dufil also makes cooking oil.

Dufil’s Chief Operating Officer, Madhukar Khetan said in a statement that the company has appointed Stanbic IBTC Capital, to arrange the debt.