twitter RSS Feed linkedin acp contact

AfDB extolls Chinese commitment to improve Africa’s agribusiness

The African Development Bank (AfDB) in Nigeria met a private sector consortium from China to help attract investment through partnerships in the development of special agro-Industrial processing zones (SAPZs) across Africa

china agribuThe aim is to create wealth and sustainable agribusiness jobs for African youth. (Image source: CIFOR/Flickr)

The Bank delegation, led by Professor Banji Oyelaran-Oyeyinka, senior special adviser on industrialisation to the AfDB’s president, paid a courtesy call to Nigeria’s vice-president Yemi Osinbajo, who assured the consortium of the tremendous investment opportunities Nigeria offers.

Discussions centred on Chinese direct investments and partnerships with Nigerian agribusinesses as well as ventures with Nigerian state governments and agribusinesses in the development of agro-Industrial parks.

“Nigeria has the potential to become the food basket of the world, but this depends on our ability to deploy the right technology. Our partnership with you allows us to harness the knowledge and skills to realise this potential. We work with the African Development Bank at the highest levels to ensure that investors face no constraints in doing business,” Osinbajo said.

The Bank is committed to developing SAPZs quickly in line with its Feed Africa Strategy – which aims to turn the massive natural endowment of the sector into competitive advantages that create wealth and sustainable agribusiness jobs for African youth. The strategy will also guarantee food security and inclusive growth by involving more women and youth and promoting improved resilience to climate variability and shocks.

SAPZs sims to radically transform Africa’s agriculture into a business-oriented and commercially viable sector that guarantees food self-sufficiency and puts an end to food insecurity, malnutrition and other related challenges.

Ebrima Faal, AfDB’s Nigeria country director, extolled China’s commitment to the development of the African continent since joining the Bank Group in 1985.

“China has supported the concessional funding base of this institution over many years and is a major contributor to ADF-14. During the China Africa Cooperation summit in 2015, it pledged a US$60bn package to implement a 10-point cooperation plan with Africa. China also established the Africa Growing Together Fund, which became operational in November 2014 with US$2bn for 10 years alongside the Bank’s own resources to finance eligible projects in Africa,” he added.


LATEST NEWS IN Infrastructure

Helping Africa grow with irrigation infra

Helping Africa grow with irrigation infr…

Netafim has partnered with the government of Rwanda to build water and irrigation infrastructure for 15,600 hectares of land including a fully automated drip irrigation and fertigation commercial blocks –...

Developing a purpose-built fresh produce market in Lusaka

Developing a purpose-built fresh produce…

InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed an agreement with Savenda Capital committing US$2mn towards the construction of ZAMBIAFresh Lusaka Market in Zambia’s capital

TİKA supports Tunisia’s National Gene Bank

TİKA supports Tunisia’s National Gene Ba…

Turkish Cooperation and Coordination Agency (TİKA) established a chemical and molecular analysis laboratory for the identification, analysis, and registration of local fruit species, especially local olive tree species, within Tunisia’s...

Grain processing and storage equipment manufacturer plans to grow in sub-Saharan Africa

Grain processing and storage equipment m…

With a complete range of grain processing and storage equipment, Perry Engineering can provide single machines to full turnkey installations for small farms to large commercial grain stores, plus flour...

Food, Feed and Biofuel: global technology solutions at Desmet Ballestra

Food, Feed and Biofuel: global technolog…

Desmet Ballestra Group is the world leader in the field of tailor-made engineering and procurement services covering each step of the Oils & Fats industry, from oilseed preparation and extraction...

Bühler opens insect technology centre to support feed and food industries

Bühler opens insect technology centre to…

Bühler Group, known for plant and equipment and related services for processing foods and manufacturing advanced materials is officially opening Insect Technology Center (ITC)

Prev Next

OTHER RELATED ARTICLES - Infrastructure

Ecobank and eleni join forces for African agriculture

Ecobank and eleni join forces for Africa…

Ecobank Transnational Inc. has signed a Memorandum of Understanding (MoU) with commodity exchanges developer eleni LLC, with a view to establishing a co-operative framework to promote and accelerate the development...

FMN Group starts COVID-19 response operations

FMN Group starts COVID-19 response opera…

In its attempt to curb the spread of COVID-19 virus, the agribusiness company Flour Mills of Nigeria PLC (FMN Group) has promised to redeem a pledge worth US$280mn to the...

AfDB’s road construction support to benefit people in Kenya and Tanzania

AfDB’s road construction support to bene…

Over three million people in Tanzania and Kenya will benefit from a US$384.22mn financing package for road construction support, approved by the African Development Bank’s (AfDB) board in Abidjan

OPIC loans US$250 million to Nigerian fertiliser plant

OPIC loans US$250 million to Nigerian fe…

A Nigerian nitrogen fertiliser plant is set to receive a US$250mn loan from OPIC to boost agriculture, infrastructure, energy and financial services in the country

Sudan: IFAD to help smallholder farmers increase food security and manage natural resources

Sudan: IFAD to help smallholder farmers …

With more than 80 per cent of the Sudanese labour force engaged in agriculture, a new US$85.7mn programme that aims to increase food security and ensure access to natural resources is...

Liquid Telecom Kenya to connect 25 agricultural centres with Internet

Liquid Telecom Kenya to connect 25 agric…

Liquid Telecom Kenya has installed fibre optic network worth US$4.5mn to connect 25 Kenya Agricultural and Livestock Research Organisation (KALRO) centres with Internet to help aid its agricultural research purposes

Cargill injects US$20 million into animal nutrition project

Cargill injects US$20 million into anima…

Cargill Animal Nutrition has announced that it is investing an estimated US$20mn in a South African facility

Tata International Ghana wins John Deere Africa Dealer of the Year Award 2020

Tata International Ghana wins John Deere…

Tata International Africa’s Ghana operation has been awarded John Deere Africa’s prestigious 2020 Dealer of the Year Award for the category of dealers outside the SADC region

Ethiopian farming data released by World Bank

Ethiopian farming data released by World…

The Central Statistical Agency (CSA) has released data from the Ethiopia Socioeconomic Survey (ESS) carried out alongside the World Bank last month

IFC and FMO grant US$50mn to boost SMSE in Kenya

IFC and FMO grant US$50mn to boost SMSE …

IFC and FMO have announced a loan worth US$50mn for small and medium-sized enterprises in Kenya

Government of Eritrea to establish regional animal and plant health lab

Government of Eritrea to establish regio…

The government of Eritrea has been making efforts to rehabilitate the infrastructure of the National Animal and Plant Health Laboratory (NAPHL) and equip it with high technology and equipment

‘Natural resource degradation puts Tanzania’s development goals at risk’

‘Natural resource degradation puts Tanza…

Accelerated degradation of land and water resources, deforestation and biodiversity loss put Tanzania’s development goals at risk, according to a World Bank report

Prev Next