British International Investment votes $26.5m for food security in Nigeria, others

British International Investment , the UK’s development finance institution and impact investor, have announced a $26.5 million commitment to AFEX Commodities Exchange to help it address food security in Nigeria, Kenya and Uganda.

The investment will support structural improvements in Africa’s agricultural industry, which will significantly benefit smallholder farmers and lead to improvements in food security. The additional warehouses will provide 230,000 metric tones of storage capacity, enabling up to 200,000 more farmers to access low-cost storage and maximise sales from crop harvests, potentially helping increase farmer incomes by more than 200 per cent.

Speaking at the signing ceremony in Lagos, BII Chief Executive Officer, Nick O’Donohoe said, ”The World Bank estimates that Africa’s food import bill has reached c.US$30 billion in recent decades. This is why we need to back technology-driven companies like AFEX because they help reduce that import cost by supporting smallholder farmers to increase local food production, while also boosting their incomes’’.

Source: News Formal (newsformal.com)

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rugby League: Nigeria to face Ghana in first Women’s International to hold in AfricaA Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc
Source: vanguardngrnews - 🏆 5. / 75 Read more »

Tinubu reforms turning Nigeria to a regional, global powerhouse – British High CommissionerThe Nation Newspaper Tinubu reforms turning Nigeria to a regional, global powerhouse – British High Commissioner
Source: TheNationNews - 🏆 6. / 69 Read more »

Nigeria’s Busola Tejumola elected member International Academy of Television Arts & ScienceThe Latest news in Nigeria and world news. The Guardian Nigeria Newspaper brings you the latest headlines, opinions, political news, business reports and international news.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

British envoy: Nigeria becoming regional, global powerhouseThe Nation Newspaper British envoy: Nigeria becoming regional, global powerhouse
Source: TheNationNews - 🏆 6. / 69 Read more »

Insurgency Recovery: Borno, Adamawa, Yobe revive primary healthcare centresPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Abuja municipal chair begins road construction, assures residents of more democracy dividendsPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Source: PremiumTimesng - 🏆 3. / 78 Read more »