AfDB Approves $25bn For Agric Development In Nigeria, 4 Other African Countries
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.
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.