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AfDB is providing funds to Dangote Industries, Indorama for agricultural development.
The African Development Bank Group, AfDB has said that it will invest $25 billion into agricultural projects in Africa. Nigeria, Gabon, Mali, Senegal and Sudan are the few listed countries.
The information was validated by Akinwunmi Adesina, the President of the AfDB in a statement on Wednesday.
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Nigeria will use its part in the fund to pursue fertiliser exporting opportunities and drop fertilizer importation Adesina explained.
According to Adesina, AfDB is providing $300 million in corporate loans to Dangote Industries. This would go to the establishment of a crude oil refinery and a urea fertilizer plant with 2.8mn tons yearly capacity.
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Also, with a $210 million support from the AFDB, Indorama Eleme Fertilisers and Chemicals Limited will construct two urea fertiliser plants, with an annual capacity of 2.8mn tonnes Adesina disclosed.
According to Adesina, African food and agricultural market could go above $1 trillion by 2030. So far, multilateral development group have partners which it is working with on establishing a Fund for Agricultural Finance in Africa (FAFINA). This way it can assist small and medium-sized agro-businesses.
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