British International Investment commits to investing $26.5 million in AFEX

0
110

British International Investment (BII), a leading UK development finance institution, is investing $26.5 million in AFEX, Africa’s top commodities platform.

This partnership aims to enhance food security in Nigeria, Kenya, and Uganda by constructing 20 modern warehouses equipped with advanced technology, benefiting 200,000 additional farmers.

The new warehouses will provide a total storage capacity of 230,000 metric tons, potentially increasing farmer incomes by over 200% and addressing financial challenges faced by smallholder farmers in these countries.

The investment also includes the development of a soybean processing plant in Ibadan, Nigeria, and a drying facility in Uganda, which are expected to create jobs and secure permanent roles.

BII’s Chief Executive Officer (CEO), Nick O’Donohoe, highlighted the importance of supporting AFEX to boost local food production and farmer incomes in Africa, given the significant food import bill in the region.

AFEX’s CEO, Ayodeji Balogun, emphasized that this investment aligns with the UN Sustainable Development Goals (SDGs) and will enhance market access and income prospects for smallholder farmers.

On his part, British Deputy High Commissioner, Jonny Baxter, expressed his support for AFEX and its role in Nigeria’s economy.

Overall, this investment signifies a global commitment to the UN SDGs, particularly Zero Hunger (SDG2), Decent Work and Economic Growth (SDG8), and Responsible Consumption and Production (SDG12), to foster sustainable agricultural development in Africa.