AFDB to invest $25 billion in Nigeria, 4 other countries
The African Development Bank group has announced its intentions to invest $25billion for development of agriculture in Nigeria, Senegal, Mali, Garbon and Sudan.
This was made known by the President AFDB, Akinwumi Adesina, in a statement. He said fund would be shared among the four countries.
He further explained the fund would help Nigeria transform from a net fertilized importing country to a fertilized exporting nation.
Adeshina 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.
“The Bank provided $300 million corporate loan to Dangote Industries, for the establishment of a crude oil refinery and a urea fertilizer plant with 2.8 million tons per year capacity.”
He added that the millionaires and billionaires of Africa will come from agriculture, with the size of the food and agriculture market estimated at over $1 trillion by 2030.
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.
He highlighted the importance of the Africa Continental Free Trade Area (AFCFTA), stating that countries in Africa must use the market effectively by producing more food through agro-industrialization the supports smallholder farmer 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 mentioned that AFDB is collaborating with other partners to establish Fund for Agricultural Finance in Africa (FAFINA), to support small and medium-sized agribusinesses.
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