African Development Bank (AfDB) has given the nod for the sum of $25 billion to be invested in agriculture in Nigeria and four other countries on the continent.
Akinwunmi Adesina, president of the Abidjan-based multilateral lender, made the declaration in a statement issued by the bank on Wednesday, listing Mali, Senegal, Sudan and Gabon as other beneficiaries.
The AfDB chief believes the $510 million financing offered to Nigeria will help Africa’s biggest economy bolster plan to become a net importer of fertiliser.
“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,” he said.
“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.”
Adesina is optimistic the next set of millionaires and billionaires on the continent will be produced by the agriculture industry and forecasted the African food and agricultural market to top $1 trillion by 2030.