IFC Approves $35m For Food Security In Africa
The International Finance Corporation (IFC) is offering a $35 million financing package to Jubaili Agrotec, a Nigeria-based agrochemicals manufacturer and distributor, to increase smallholder farmers’ access to key input and boost food production to strengthen food security in sub-Saharan Africa.
The bank said in a statement that the financing package would help Jubaili expand its production capacity in Nigeria, Ghana, Tanzania and Uganda, helping to offset Africa’s reliance on agrochemical imports.
With support from the local currency facility of the International Development Association’s Private Sector Window, IFC is providing $20 million of the financing in Naira.
The financing package will be accompanied by advisory services to support Jubaili to incorporate products that contribute to climate adaptation and climate smart agriculture such as drip irrigation equipment. The advisory work will also support smallholder farmers to integrate sustainable farming techniques and benefit from improved productivity and incomes.
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“Agriculture is a significant part of many African economies and our partnership with IFC will help us to expand across Africa to reach thousands of farmers, helping them to build more resilience in their crops,” said the Managing Director of Jubaili Agrotec,Rajab Jubaili.
“Our partnership with Jubaili will contribute to improving food production in sub-Saharan Africa at a time when many parts of Africa, and the world, face rising food prices and food shortages. The region is heavily reliant on imported agrochemicals for crop protection and this partnership will improve the competitiveness of local production, thereby bolstering Africa’s agricultural resilience,” said IFC’s Manager for Agribusiness and Forestry in Africa, Samuel Dzotefe.
IFC’s financing and advisory support to Jubaili is part of the organisation’s broader work in Africa to support sustainable agriculture practices and to develop regional value chains and markets that will support the continent’s food security and job creation.
