Breaking News
Translate

AfDB approves $25bn for agric development in Nigeria, 4 other African countries

Kindly Share This Story:
AfDB
African Development Bank (AfDB)

By Yinka Kolawole, with agency report

MONEY MARKET

The African Development Bank Group (AfDB) has approved the investment of $25 billion to develop agriculture in Nigeria and four other African countries.

President, AfDB, Dr. Akinwumi Adesina, disclosed this at a virtual conference to mark the 10th anniversary of Sahel Group, a private equity firm focused on agribusiness. .Adesina said the other countries to benefit from the fund are Senegal, Gabon, Mali and Sudan.

READ ALSO:Nigeria needs good lawyers to resist tyranny, expand jurisprudence — CJN

Specifically, he said that the fund will help Nigeria transform from being a net importer of fertilizer to a fertilizer exporting nation. He noted that in total, AfDB is granting a facility of $510 million for agricultural development in Nigeria.

He stated: “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.” According to Adesina, the next group of millionaires and billionaires of Africa will come from agriculture, with the size of the food and agricultural market estimated at over $1trillion by 2030.

He emphasized the importance of the Africa Continental Free Trade Area (AfCFTA) agreement, adding that countries in Africa must use the market effectively by producing more food through agro-industrialisation that supports smallholder farmers and the private sector.

Vanguard News Nigeria

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!