• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

UK’s BII Commits $26.5 Million to Boost Agricultural Development in Nigeria, Kenya, and Uganda

Blessing Joseph by Blessing Joseph
November 7, 2023
in Africa, Agriculture&Agro-Allied, Foods & Beverages, News
0
UK's BII Commits $26.5 Million to Boost Agricultural Development in Nigeria, Kenya, and Uganda
Share

British International Investment (BII) has pledged $26.5 million to support Africa’s leading commodities platform, AFEX. This partnership aims to enhance food security and agricultural development in Nigeria, Kenya, and Uganda. The funding will be directed towards the construction of modern warehouses, expanding AFEX’s operations, and providing market access and financing for small-scale farmers.

The partnership agreement, recently signed in Lagos, was attended by key figures including Jonny Baxter, British deputy high commissioner; Nick O’Donohoe, BII CEO; and Ayodeji Balogun, CEO of AFEX Group.

The funding will facilitate the building of 20 modern warehouses strategically located across the three countries. These warehouses will feature advanced inventory and price tracking software, revolutionizing storage and transportation for agricultural products.

The increased storage capacity is poised to be a game-changer for regional farmers. With access to cost-effective storage, farmers can wait for optimal prices before selling their crops, potentially increasing their incomes by up to 200%. This injection of income is a significant boost for smallholder farmers who often face financial challenges.

Additionally, BII’s investment will support the establishment of a soybean processing plant in Ibadan, Nigeria, and a drying facility in Uganda. These projects are expected to generate over 700 temporary jobs and more than 80 permanent positions, providing substantial economic benefits to local communities.

Agriculture plays a crucial role in the economies of Nigeria, Kenya, and Uganda, accounting for a quarter of GDP and employing 70% of the population. However, smallholder and subsistence farmers encounter obstacles like market access limitations and unpredictable crop sales.

Nick O’Donohoe, BII’s CEO, emphasized the importance of backing technology-driven companies like AFEX in reducing Africa’s food import costs and boosting local food production.

AFEX Group CEO, Ayodeji Balogun, hailed the investment as a milestone in their mission to revolutionize agriculture and enhance food security across Africa.

British Deputy High Commissioner in Lagos, Jonny Baxter, expressed pride in BII’s support for agricultural productivity and food security in Nigeria. He acknowledged the vital role of the agricultural sector in Nigeria’s economy and anticipated the continued growth of AFEX.

This investment aligns with several UN Sustainable Development Goals, including Zero Hunger (SDG2), Decent Work and Economic Growth (SDG8), and Responsible Consumption and Production (SDG12), marking a significant step towards addressing food insecurity and promoting sustainable agriculture in Africa.

Post Views: 9
Share

Related Posts:

  • MSME Africa Unveils Top 50 Remarkable MSME Founders 2023, Awards them $25,000 in Media Credits
    MSME Africa Unveils Top 50 Remarkable MSME Founders…
  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2024 Guide to the Top Business Enabling…
  • Africa must prepare for the inevitability of a global food crisis - Akinwumi Adesina
    Overcoming Binding Constraints to Competitive…
  • images (7)
    UK Firm invests $20m in Nigerian FinTech Company
  • Farm Central Intelligence Emerges Winner at AFEX Code Cash Crop 4.0 Ag-hackathon
    Farm Central Intelligence Emerges Winner at AFEX…
  • Top 15 Social Media Marketing Tools for Nigerian Entrepreneurs
    15 Social Media Management Tools That Will Make Life…
Tags: AFEX GroupAgricultural DevelopmentAyodeji BalogunKenyaMSME AfricaNigeriaOpportunitiesUgandaUK's BII
Previous Post

9mobile Promotes Mental Well-Being, Physical Fitness Through the Yaba Fitness Fair

Next Post

Finnovo Services Launches Tax Virtual Accounting Solutions for Nigerian SMEs and Startups

Next Post
Finnovo Services Launches Tax Virtual Accounting Solutions for Nigerian SMEs and Startups

Finnovo Services Launches Tax Virtual Accounting Solutions for Nigerian SMEs and Startups

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • Call for Applications:2025 Meaningful Business 100 Program
  • Call for Applications: Young Innovators Accelerator 2025
  • The Fashion Games 2025: Fashion Future Program Graduates 2,000 Youths in a Dazzling Showcase of Creativity and African Excellence
  • Nigeria exits IMF Debtor List
  • HortiNigeria Trains 70,000 Farmers, Mobilises £4 Millon for Horticulture Growth

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2024
  • Otabor Osayomore Blessing on Ultimate 2024 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.