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Home Business News Business

Agriculture: AfDB to invest $25 billion in Nigeria, Senegal, 3 others

Abiola Odutola by Abiola Odutola
November 25, 2020
in Business, Spotlight
AfDB to invest $25 billion in Nigeria, AfCFTA, Akinwunmi Adesina

Dr. Akinwunmi Adesina

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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 Nairametrics on Wednesday.

According to him, the fund would be shared among Senegal, Gabon, Mali, Sudan and Nigeria.

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READ: FG secures $72 million from World Bank for states to develop land information systems

Adesina explained that the fund would help Nigeria transform from a net fertilizer importing country to a fertilizer exporting nation.

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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.

READ: FG seeking approval from National Assembly for $1.2 billion agric loan

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“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.”

The AfDB boss 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.

READ: SEC says state governments have borrowed N900 billion from capital market

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.

READ: AfDB loans Indorama $100 million for expansion.

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.

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Tags: AfDBAkinwunmi AdesinaNigeria News

Comments 1

  1. Akeju says:
    November 25, 2020 at 10:56 pm

    $25 Billion for 4 countries translated to $6 billion per country.In Naira term it is N240 billion or 4 years budget for Nigerian Agriculture
    Does Afdb has this kind of money?
    Time will tell

    Reply

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