African Development Bank (AfDB) managed Africa Fertilizer Financing Mechanism (AFFM) has announced the investment of around $2.2 million to provide fertilizer suppliers in Nigeria with financial support to improve supply for 200,000 smallholder farmers.
AFFM’s trade credit guarantee project is the first such project in Nigeria and involves 10 fertilizer suppliers, 12 hub agro-dealers and 120 retail agro-dealers. The project also includes the training of farmers for proper fertilizer use and other agricultural best practices.
In March 2020, AfDB has announced an agreement with Sudan’s largest conglomerates DAL Group, for the provision of up to $75 million to improve food security and household incomes in the country. The agreement is the Bank’s first private sector loan to the East African nation.
In December 2019, AfDB has approved a $60 million loan to Elnefeidi Group Holding Company to help finance its long-term agriculture and food expansion programme.
About the Africa Fertilizer Financing Mechanism (AFFM)
African Union Member States in 2006, through Abuja Declaration established The AFFM, to improve agricultural productivity by providing financing required to boost fertilizer use in Africa to achieve the target of 50 kg of nutrients per hectare. The AFFM is managed by the African Development Bank (AfDB) to accelerate agriculture development within the context of the Africa Food Security Vision and the Sustainable Development Goals.
About African Development Bank (AfDB)
African Development Bank (AfDB) Group is a multilateral development bank, headquartered in Abidjan, Côte d’Ivoire. AfDB was established in 1963 by the Organization of African Unity (OAU) to promote sustainable economic development in the region. The main objective is to spur sustainable economic development and social progress in its regional member countries (RMCs), and finally help in poverty reduction.