AfDB To Invest $25 Billion In Nigeria, Senegal, 3 others
The African Development Bank Group (AfDB) has approved the investment of $25 billion to develop agriculture in Nigeria and four other African countries.
Specifically, the fund will help Nigeria transform from being a net importer of fertilizer to a fertilizer exporting nation. It was noted in total that AfDB is granting a facility of $510 million for agricultural development in Nigeria.
Nairametrics reports, The African Development Bank Group (AfDB) is set to invest $25 billion to develop agriculture in Nigeria, Senegal, Mali, Gabon and Sudan.
This was disclosed by Akinwumi Adesina, AfDB’s president in a statement issued and seen by SME360 on Thursday.
According to him, the fund would be shared among Senegal, Gabon, Mali, Sudan and Nigeria.
Adesina explained that the fund would help Nigeria transform from a net fertilizer importing country to a fertilizer exporting nation.
He said, “In Nigeria, the Bank is supporting Indorama Eleme Fertilizers and Chemicals with $210 million for the construction and operation of two urea fertilizer plants, with capacity of 2.8 million tons per annum.
He emphasized the importance of the Africa Continental Free Trade Area (AfCFTA), adding that countries in Africa must use the market effectively by producing more food through agro-industrialization that supports smallholder farmers and the private sector.
“With the large number of youth are moving into Agriculture, AfDB has provided $406 million to support 23,000 young agripreneurs in 14 countries, as well as $120,000 cash prize awards for agricultural start-ups,” he added.
He added that AfDB is collaborating with other partners to establish a Fund for Agricultural Finance in Africa (FAFINA), to support small and medium-sized agribusinesses.