The British International Investment, the United Kingdom’s development finance institution and impact investor, has finalized plans to invest $15 million in Nigeria’s agriculture sector through an agricultural commodities trading house, Valency International.
BII disclosed this in a statement on Tuesday, noting that the funding would facilitate the expansion of processing and warehousing infrastructure.
According to BII, the support will create up to 2,800 jobs for low-income workers nationwide.
The organization added that the fund will also provide market access indirectly to a further 60,000 smallholder farmers and boost agricultural output and export.
Speaking on the investment, UK Deputy High Commissioner Jonny Baxter said, “The UK’s sustainable agriculture work in Nigeria helps mitigate greenhouse gas emissions and adapt to a changing climate, but strengthens livelihoods and improves nutrition, supporting food security and poverty alleviation.
“I am excited to welcome this new UK investment to help enhance Nigeria’s food processing capabilities, which will create jobs nationwide. We look forward to continuing to support Nigeria’s agriculture sector and the opportunities this provides for its economic growth.”