The following are the dollar to naira exchange rate in Lagos Nigeria today. It also includes the Naira Back Market rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. https://www.youtube.com/watch?v=T_Pmf3rRxvc
|Dollars to Naira (USD to NGN)||Exchange Rate Today|
|Pounds to Naira (GBP to NGN)||Exchange Rate Today|
|Euro to Naira (CAD to NGN)||Black Market Exchange Rate Today|
|Canadian Dollar to Naira (CAD to NGN)||Black Market Exchange Rate Today|
|Rand to Naira (ZAR to NGN)||Black Market Exchange Rate Today|
|Dirham to Naira (AED to NGN)||Black Market Exchange Rate Today|
|Yuan to Naira (CNY to NGN)||Black Market Exchange Rate Today|
|Cedi to Naira (GHS to NGN)||Black Market Exchange Rate Today|
|Dirham to Naira (XOF to NGN)||Black Market Exchange Rate Today|
|CFA to Naira (XAF to NGN)||Black Market Exchange Rate Today|
|11/22/2022||SOUTH AFRICAN RAND||25.6548||25.6837||25.7127|
|11/21/2022||SOUTH AFRICAN RAND||25.4593||25.488||25.5168|
|GTBank||USD to Naira||₦ 490||16/10/2022|
|USD To Naira||₦ 505||30/04/2022|
|EUR To Naira||₦ 531||31/08/2021|
|GBP To Naira||₦ 621||28/08/2021|
|CAD To Naira||₦ 357||18/08/2021|
|ZAR To Naira||₦ 31||18/08/2021|
|INR To Naira||₦ 6||18/08/2021|
|TRY To Naira||₦ 52||18/08/2021|
|AUD To Naira||₦ 299||01/05/2021|
|RUB To Naira||₦ 7.10||01/05/2021|
|SGD To Naira||₦ 268||01/05/2021|
|AED To Naira||₦ 109||26/11/2020|
|XOF To Naira||₦ 800||15/08/2020|
|INR To Naira||₦ 6.12||15/10/2022|
|USD To Naira||₦ 503||29/04/2022|
|EUR To Naira||₦ 566||31/08/2021|
|GBP To Naira||₦ 622||23/07/2021|
|CAD To Naira||₦ 316||01/05/2021|
|AED To Naira||₦ 119||08/08/2020|
|USD To Naira||₦ 480||23/03/2022|
|GBP To Naira||₦ 621||23/07/2021|
|EUR To Naira||₦ 499.45||16/06/2021|
|AED To Naira||₦ 107||15/08/2020|
|CAD To Naira||₦ 299||30/06/2020|
|INR To Naira||₦ 5.9||25/06/2020|
|USD To Naira||₦ 475||21/01/2022|
|EUR To Naira||₦ 543||22/07/2021|
|GBP To Naira||₦ 646||03/06/2021|
|CAD To Naira||₦ 337||01/05/2021|
|TRY To Naira||₦ 69||01/05/2021|
|1 USD||442.134 NGN|
|5 USD||2,210.67 NGN|
|10 USD||4,421.34 NGN|
|25 USD||11,053.4 NGN|
|50 USD||22,106.7 NGN|
|100 USD||44,213.4 NGN|
|500 USD||221,067 NGN|
|1,000 USD||442,134 NGN|
|5,000 USD||2,210,670 NGN|
|10,000 USD||4,421,340 NGN|
|50,000 USD||22,106,700 NGN|
|1 NGN||0.00226176 USD|
|5 NGN||0.0113088 USD|
|10 NGN||0.0226176 USD|
|25 NGN||0.0565439 USD|
|50 NGN||0.113088 USD|
|100 NGN||0.226176 USD|
|500 NGN||1.13088 USD|
|1,000 NGN||2.26176 USD|
|5,000 NGN||11.3088 USD|
|10,000 NGN||22.6176 USD|
|50,000 NGN||113.088 USD|
|Last 30 Days||Last 90 Days|
|1 EUR||1.04179 USD|
|5 EUR||5.20895 USD|
|10 EUR||10.4179 USD|
|25 EUR||26.0447 USD|
|50 EUR||52.0895 USD|
|100 EUR||104.179 USD|
|500 EUR||520.895 USD|
|1,000 EUR||1,041.79 USD|
|5,000 EUR||5,208.95 USD|
|10,000 EUR||10,417.9 USD|
|50,000 EUR||52,089.5 USD|
|1 USD||0.959887 EUR|
|5 USD||4.79943 EUR|
|10 USD||9.59887 EUR|
|25 USD||23.9972 EUR|
|50 USD||47.9943 EUR|
|100 USD||95.9887 EUR|
|500 USD||479.943 EUR|
|1,000 USD||959.887 EUR|
|5,000 USD||4,799.43 EUR|
|10,000 USD||9,598.87 EUR|
|50,000 USD||47,994.3 EUR|
|Last 30 Days||Last 90 Days|
|10 USD||9.75844 EUR|
|25 USD||24.3961 EUR|
|50 USD||48.7922 EUR|
|100 USD||97.5844 EUR|
MCB Capital Markets (“MCBCM”), a subsidiary of MCB Group (https://www.MCB.mu), and Societe Generale Côte d’Ivoire (“SGCI”) through its Structured Finance Group for Sub-Saharan Africa (“SFG AFS”) are pleased to announce that they acted as Co-Lead Arrangers in raising approximately EUR 135 million to finance the acquisition of JA Delmas (“JAD”), the exclusive dealer for Caterpillar in francophone West Africa.
The Delmas family has held the representation for this iconic brand, the world’s leading manufacturer of yellow metal machinery, for nearly a century.
This successful debt raise attests to the depth of MCB Group’s capabilities, including acting as Co-Lead Arranger, Security Agent, Facility Agent, Accounts Bank and largest Lender on the transaction.
It also reflects the robustness of the Mauritian International Financial Centre as a platform to structure and fund significant deals in Africa.
The transaction also bears testimony to the expertise of Societe Generale Group in West Africa and echoes its strengths in delivering strategic financing solutions for regional champions, with SGCI acting as Co-Lead Arranger and second largest Lender.
The acquirer is a newly incorporated Mauritius domiciled investment vehicle, jointly owned by Jean-Luc Konan, founder of Groupe COFINA (financial institution in West & Central Africa ), and Mohamed Al Bahar (“MAB”), the Caterpillar dealership in five countries in the Arabian Gulf.JAD operates in 11 countries with a turnover of approximately EUR 700 million and has over 2,000 employees.
Following this transaction, the business will embark on an accelerated growth path led by its current Chief Executive and other senior managers, who will remain with the business.
Through Groupe COFINA, Jean-Luc Konan, the new Dealer Principal, and Chairman will extend the group’s reach in francophone West Africa while MAB will play a key role as technical partner.
Jean-Luc Konan, founder and Chief Executive of Groupe COFINA, commented: “We made the right choice in appointing MCBCM and SGCI as Co-Lead Arrangers.
Their teams worked through and led this transaction to completion with tenacity, expertise, and professionalism.”Rony Lam, Chief Executive of MCB Capital Markets, commented: “I wish to thank Jean-Luc for his trust in such an important transaction for both himself and his partners.
JA Delmas has a rich history in West Africa and we are proud to have played a part at this junction.
Our team, supported by MCB Group’s broad range of capabilities, has once again displayed its ability to execute cross-border transactions, which require solid technical skills and rigorous transaction management.”Kane Mohamed El Fadel, Managing Director, Regional Head of Capital Markets & Structured Finance Sub-Saharan Africa, commented: “This acquisition financing is a perfect illustration of Societe Generale Group's strong footprint in Africa.
In order to accompany our clients, we have built a strong team comprising of international and local experts with a combination of sector knowledge, technical expertise, structuring and execution capabilities to deliver optimal solutions.”Herbert Smith Freehills advised the consortium of lenders while Baubigeat Zeller, Asafo & Co and Allen & Overy provided legal advice to the borrower.
Eponyme Partners, a Paris-based advisory firm, acted as M&A adviser to the buyer.
The new 10,000 m2 airport hub is ready to support Africa's growing life sciences and healthcare (LSH) industry with safe, reliable and efficient transportation and consolidation solutions; Both the warehouse and the central office meet the highest sustainability standards and will be powered almost entirely by green electricity from photovoltaic panels.
DHL Global Forwarding, the leading international provider of road, air and ocean freight services, opened a new trans-shipment hub and head office in Johannesburg, South Africa.
The sustainable complex, mainly powered by solar energy, was officially opened on Thursday, September 22, 2022.
Located in the Sky Park Industrial Estate, it offers easy access to the "OR Tambo International Airport".
The facility's temperature-controlled chambers and staff trained in Good Distribution Practices (GDP) allow the new center to meet the unique needs of Africa's rapidly advancing life sciences and healthcare (LSH) sector.
The opening of the facility marks an important addition to DHL Global Forwarding's extensive logistics network, further strengthening its position on the African continent and in South Africa, while enabling the group to handle its customers' requirements more efficiently.
Amadou Diallo, CEO of DHL Global Forwarding Middle East & Africa, said: “We are proud that this new facility has been built to the highest standards of sustainability and energy efficiency in line with DHL Global Forwarding's goal of achieving net zero emissions.
related to logistics.
Our climate protection initiatives and CO2 emission reduction programs have already had a positive impact on global logistics supply chains and building sustainable infrastructure like this solar power facility brings us closer to our objetive".
The new EUR 7 million (R127 million) facility includes offices and a 10,000m2 warehouse.
It will serve as a hub for transportation, logistics and warehousing solutions, as well as international cargo expertise for different industries.
This includes a strong focus on Africa's life sciences and healthcare (LSH) sector, which with an expected annual growth rate of 6.3% and projected revenue of €7.1bn by 2023, is a of the country's booming industries.
To serve the needs of the MSM sector, the site has been designed to meet DHL Global GxP Pharma standards and the highest security standards of the Transported Assets Protection Association (TAPA A).
At the facility's groundbreaking ceremony, Clement Blanc, DHL Global Forwarding's CEO for South Africa (SA) and Sub-Saharan Africa (SSA), said: “A new facility in Johannesburg is a natural next step in our efforts to support growth.
economy and accelerate the pace of supply chain transformation taking place in South Africa.
This facility extends global connections to Africa, ensuring sectors like LSH can operate smoothly, access an efficient and reliable logistics network, and continue to grow.
Blanc continued: “The strategic location of our new facilities at 'OR Tambo' will allow us to improve our service offerings to customers.
We are excited to be able to transport time- and temperature-sensitive pharmaceuticals and healthcare products, among other services.
I am confident in our ability to help our clients develop and expand their businesses and continue to help the socio-economic growth of South Africa and the greater sub-Saharan Africa region.” The new facility will also create skilled jobs in Johannesburg.
DHL Global Forwarding has expanded its total workforce in South Africa by 11% since 2021.
The company also has a strong commitment to supporting and driving the participation of SMEs in the economy and ensuring they have a place in global supply chains.
AfDB issues €1.25 bn benchmark social bond due Sept. 2029 AfDB issues €1.25 bn benchmark social bond due Sept. 2029 Bond By Temitope Ponle Abuja, Sept. 9, 2922 The African Development Bank (AfDB) has launched and priced a new 1.25 billion euros seven-year Global Benchmark transaction, in a Social Bond format, due Sept. 14, 2029. The AfDB in in a statement posted on its on Friday, stated the bond launched on Wednesday, “pays a coupon of 2.250 per cent with a re-offer yield of 2.310 per cent.
” The new seven-year EUR transaction marks the bank’s second EUR Global Benchmark in 2022, following the one billion euros five-year transaction issued in March, extending further the bank’s EUR curve.
Additionally, the new line brings a new liquid and on-the-run reference point in the seven-year part of AfDB’s EUR curve, refreshing a key benchmark maturity, which the bank last visited in 2017. “By issuing social bonds to finance socio-economic development in its regional member countries, the bank is advancing its mission and strategy – to spur sustainable economic development and social progress in Africa – and is capitalising on its strong track-record of financing projects with strong social impact on the continent.
“The eligible projects to be financed with the proceeds of this new EUR-denominated Social Bond are expected to lead to poverty reduction and job creation, as well as inclusive growth across age, gender and geography, thus improving the quality of life for the people of Africa,” the statement noted.
It said the AfDB’s mandate for a new seven-year EUR-denominated Global SEC-Exempt Benchmark was announced on Sept. 6, at 13:00 London time, with the issuer seizing the final clear window available in the euro market before the European Central Bank’s (ECB) September meeting on Thursday.
Books officially opened the following morning, on Sept 7, at 8:00 London time with Initial Price Thoughts released at mid-swaps – 2bps (basis points) area.
Investor demand was robust from the outset with the orderbook growing in excess of 1.8 billion euros by 9:35 London time, supporting AfDB’s move to set the spread tighter at mid-swaps -3bps with books to go subject at 10:30 London time.
The final mid-swap spread implied a new issue concession of 2bps relative to the bank’s EUR curve.
Investor interest, however, continued to grow with the book closing in excess of 2.3 billion euros with 71 investors participating in the offering whilst the quality of the book firmly supported the launch of a EUR 1.25 billion transaction.
Notably, at 2.3 billion euros, the deal’s orderbook represents AfDB’s largest ever book for a EUR benchmark transaction.
Shortly thereafter at 14:10 London time, the transaction officially priced at mid-swaps -3bps, equivalent to a reoffer yield of 2.310 per cent and a spread of 96.4bps vs.
the DBR (Debt Burden Ratio) 0.00 per cent August 2029 benchmark.
The distribution statistics are as follows: The geographical distribution highlights a diversified investor base approximately with the majority of the book from Europe (56.7 per cent), followed by the UK (22.6 per cent), Asia (12.1 per cent), Americas (8.2 per cent) and Africa (0.4 per cent) In terms of investor type, the high quality orderbook was predominantly allocated to banks (40.2 per cent) and Central Institutions (30 per cent) and whilst Asset Managers Insurance Pension Funds (29.8 per cent), rounded off the remainder of allocations.
Bond Summary Terms are as follows: Issuer is the AfDB with Issuer Rating as Aaa AAA AAA AAA (All Stable).
Size (of bond)1.25 billion euros and the Pricing Date as of Sept. 7, 2022; Settlement Date of Sept. 14, 2022; and Maturity Date of Sept. 14, 2029. A Coupon of 2.250 per cent, Spread to mid-swaps of -3 basis points, Spread to benchmark of +96.4 basis points, re-offer price of 99.616 per cent and a re-offer yield of 2.310 per cent.
The Lead Managers are Barclays, Citi, JP Morgan and Société Générale and the International Securities Identification Number is XS2532472235.
Three Tanzanian companies will present themselves to international investors at an event organized by the European Union and the Republic of Seychelles, for the first edition of BlueInvest Africa on September 7-8, 2022 in Seychelles.
Held under the high patronage of the President of the Republic of Seychelles, this event will bring together investors from Africa and Europe and African start-ups to generate business opportunities and promote the blue economy sector in Africa.
An important Tanzanian delegation is expected to participate in the various sessions of the event.
The three selected companies from Tanzania will present their project to investors: Eco-Act: a start-up that makes plastic products from recycled plastic waste and is seeking funds to buy machines to increase production.
ENdep Limited – a start-up company creating a solar power plant that will offer cold storage services for fish, aimed at supporting women and young fish traders.
NovFeed: Her representative, Ms. Diana Orembe, will give a TED talk on her groundbreaking experience with bacteria-based protein production for feed, in particular aquaculture.
Tanzanian participants representing their companies shared their expectations for the BlueInvest Africa event: "Tanzania is endowed with the Indian Ocean and three large inland lakes.
Therefore, the Blue Economy is of paramount importance to improve economic livelihoods."
of its citizens.
My hope is that the BlueInvest Africa event will open the doors to meet crucial investors and technology partners to unlock the full potential of the blue economy in Tanzania," said Mr. Rugola Mtandu of ENdep Limited.
“We are excited about the BlueInvest Africa forum for not only giving us the opportunity to share our experience, but also to learn from other players in the blue economy sector.
We look forward to learning from their best practices and adapting to our context to improve our impact,” said Christian Mwijage of ECO-Act Company.
In the near future, the EU will launch a EUR 140 million intervention in Tanzania with the aim of contributing to a climate-resilient Blue Economy in the coastal areas of Tanzania, in Zanzibar and the Indian Ocean (Exclusive Economic Zone) for the benefit of the economy and local communities.
communities and for the conservation of the environment.
The EU is already actively supporting the Government of the United Republic of Tanzania in the implementation of three fisheries projects in Lake Victoria, Lake Tanganyika and in the Unguja-Pemba-Pangani area.
It also supports sustainable agriculture projects in coastal areas and in Zanzibar, as well as the development of renewable energy, sustainable cities, investments and community activities that promote livelihoods and adaptation to climate change.
Gray (https://Grey.co), a fintech started by two Nigerians to simplify sending and receiving foreign payments for Africans, has raised $2 million in seed funding.
The service offered by Gray allows its clients to have virtual international bank accounts for free and enjoy a seamless payment process abroad.
"Grey (https://Grey.co) was founded in 2021 to empower people to live a location-independent lifestyle," says Gray CEO Idorenyin Obong.
“I think the least of your worries as a freelancer, remote worker or digital nomad should be sending or receiving payments, so we've made it easy.
We like to say that we are on a mission to make international payments as easy as sending an email.
We want to do impactful work to improve the way Africa as a continent interacts with money across its borders.
I am delighted that we have acquired a large and fiercely loyal user base.” At Grey, you can create a foreign bank account in USD, GBP and EUR for free, send money to the UK and Europe and receive payments from over 88 countries.
The company also offers conversion directly to your local currency so you can easily spend it on the app.
Gray enables users to receive foreign payments in their preferred foreign currency and withdraw directly to mobile money or their local bank account.
In addition to the funding announcement, Gray also announced its expansion into East Africa, starting with Kenya, and partnerships with payment giant Cellulant and edtech leader Moringa.
Traveling to Kenya is much easier with Gray (https://bit.ly/3Q5bCyY) because you can pay suppliers directly to M-pesa.
For example, suppose you are a traveler on a trip to Nairobi.
In that case, you can convert any supported currency to Kenyan shillings and pay for services directly to M-Pesa or other mobile money accounts.
Gray is the easiest way to send money abroad and between African countries.
The company plans to expand to more East African countries in the coming months.
It has included support for Ugandan shillings in the app, bringing the total number of supported currencies to six.
This addition means that gray customers in Nigeria and Kenya can send money to mobile money accounts in Uganda.
The company has also privately pitched Gray Business to various companies.
COO Femi Aghedo says: “Sending money around the world is not just an individual problem; it also affects African companies.
In the last two months, we have added several African companies to our private beta.
Honestly, when I hear feedback about how much we've simplified a previously complex process, it pushes us to do more."
Grey's seed funding round included participation from Y Combinator, Soma Capital, Heirloom Fund, True Culture Fund, angel investors Alan Rutledge, Samvit Ramadurgam, Karthik Ramakrishnan, and other high-profile investors.
According to CEO Idorenyin Obong, with this new round of capital they plan to launch into new markets and expand their product range to include not only remittances, but also person-to-person and business-to-business payments for all Africans to enjoy.
of seamless cross-border payments with low fees.
Gray services are available in Kenya and Nigeria through the Gray website (https://Grey.co), Play Store (https://bit.ly/3Q0zcfY) and App Store (https://link.
Gov. Bello Matawalle of Zamfara on Tuesday approved the release of EUR 232,000.00 into the account of Cyprus International University to settle the school fees for 91 students from the state studying at the institution.
This is contained in a statement issued by the state Commissioner of Information, Ibrahim Dosara and made available to newsmen on Tuesday in Gusau.
Dosara said the Central Bank of Nigeria (CBN) would disburse the amount into the various accounts of the students.
He said that the amount included: “EUR 200,000 as tuition, accommodation and meal fees to be paid out of EUR 297,509.11 initially owed for the 2021-2022 academic year.
” According the commissioner, EUR 23,157.00 would be disbursed as Residence Permit; and EUR 8,843.00 to be disbursed to the 91 students.
“The government, therefore, appealed to the students, parents and the university to exercise more patience, as the matter will soon be resolved and the students will continue their studies with minimum delay.
“The government also called on the media to cross check issues before going to press, to allow this country to progress,” he said.
Dosara said the state government had offered the students scholarships to study Medicine, Engineering, Information Technology and other sciences in various institutions in Cyprus, US, UK, Netherlands, India and Sudan.
Binance (www.Binance.com), the world's leading blockchain ecosystem and cryptocurrency infrastructure provider, is celebrating its fifth anniversary by waiving trading fees on a wide range of bitcoin spot trading pairs. While Binance has long maintained one of the lowest spot trading fees in the industry, it is establishing itself as the global price leader with this latest move.
Starting July 8, users will be able to enjoy fee-free trading in thirteen stablecoin and fiat currency combinations, including BTC/USDT, BTC/BUSD, BTC/USDC, BTC/EUR, BTC/TRY, and more. The new trading fees will be in place until further notice, allowing Binance users around the world to enjoy the feeling of no fees beyond the two-week anniversary celebrations.
Binance Founder and CEO "CZ" (Changpeng Zhao) said: "In line with our user-first philosophy, Binance has always strived to offer the most competitive fees in the industry. In essence, Binance is an inclusive platform with accessibility in mind. The removal of trading fees on select BTC spot trading pairs is another move in that direction."
“In the span of five years, Binance has amassed an amazing community that believes in us and supports our vision. Our growth and achievements would not have been possible without them. We look forward to giving back to the community by providing them with the best products and services in the world,” added CZ.
Binance launched in July 2017 as a cryptocurrency exchange, and within six months, it became the largest cryptocurrency exchange in the world. Today, Binance is a global blockchain ecosystem encompassing business services, infrastructure solutions, educational resources, research, charitable and social good programs, investment and incubation initiatives, and more. By providing access to extensive financial tools while maintaining one of the lowest fees in the business, Binance makes cryptocurrency accessible to everyone in Africa and beyond.
For more information on Binance's new fee structure, click here (https://bit.ly/3Rd0Po9).
The Global Center on Adaptation (GCA) (GCA.org) signed a Memorandum of Understanding with the Ministry of Economy and Finance of the Republic of Côte d'Ivoire to improve and increase the proportion of investments in adaptation and resilience financed by the next EUR from the country. 2 billion Sustainable Bonds Program.
Côte d'Ivoire's Nationally Determined Contributions (NDCs) identify 11 sectors vulnerable to climate change and estimate the total cost of implementing adaptation actions at USD 1.76 billion.
GCA will support the Republic of Côte d'Ivoire in the identification of ESG projects, with a focus on projects related to climate change and adaptation, through a two-phase intervention:
The immediate focus of GCA's technical assistance will be on budget assessment and identification of eligible budget expenditures, within the scope of Côte d'Ivoire's ESG Framework. And in the medium to long term, promote the implementation of processes and tools to:Classify expenditures related to climate change Track climate-related expenditures in the national budget system (climate budget labeling) and Train relevant government entities on these processes and tools (including the ESG Committee).
In signing the Memorandum of Understanding, Patrick Verkooijen, Executive Director of the Global Adaptation Center, noted that:
“Through this work, GCA will support the Government of Côte d'Ivoire to scale adaptation and resilience by building on the credibility, scale, momentum and liquidity that the green bond market has achieved over the last ten years. We hope that, through our Africa Adaptation Acceleration Program, other countries on the continent will follow the example of Côte d'Ivoire so that funding is available to implement the necessary adaptation actions to ensure the future of life and the livelihoods of people across the continent.
His Excellency Adama Coulibaly, Honorable Minister of Economy and Finance of the Republic of Ivory Coast, said:
“Our goal in issuing the first sustainable sovereign bonds is in line with His Excellency President Alassane Ouattara's climate policy commitment to accelerate bold action on resilience projects and adaptation finance. Public spending alone cannot fill the adaptation finance gap, so private sector investment must scale alongside government investments to supplement limited resources. We welcome the support of the Global Adaptation Center to provide technical assistance and capacity building to conduct a review of public and institutional climate spending to identify adaptation assets.”
Côte d'Ivoire has formed an ESG Committee to select projects financed by the Sustainable Bonds. The ESG Committee is led by the Ministry of Economy and Finance, specifically the Department of Public Debt and Donations (“Direction de la Dette Publique et des Dons”). It includes representatives from the Ministry of Planning and Development, the Ministry of Budget, and from a variety of sectoral Ministries that cover critical policies related to ESG Eligible Categories, in particular, the Ministry of Environment and Sustainable Development, the Ministry of Health, the Ministry of Education, Ministry of Energy, Ministry of Hydraulics and Ministry of Solidarity and Fight against Poverty.
investment in the rice sector to improve food security and create jobs; Feasibility study to outline investments to reduce dependence on rice imports; The EIB (www.EIB.org) and the EU support investments in seed production, irrigation, storage and logistics
The European Investment Bank plans to support large-scale investments to increase rice production and improve food security in Liberia. The first EIB support for agricultural investment in Liberia is expected to cover the entire value chain, including rice production, storage and distribution.
Minister of Agriculture Jeanine M. Cooper, Deputy Minister of Budget of the Ministry of Finance and Development Planning Tanneh G. Brunson, Ambassador of the European Union Laurent Delahousse and Diederick signed agreements in Monrovia to prepare detailed feasibility studies to identify the challenges and assess investment priorities. Zambon, Head of Public Sector Financing in Sub-Saharan Africa at the EIB.
“Liberia is highly vulnerable to global food crises as more than two-thirds of the rice consumed in our country is imported from abroad. Liberia's partnership with the European Investment Bank and the European Union will boost local rice production, create private sector jobs throughout the country and reduce agricultural dependence on other countries. Close cooperation between Liberia and Europe is strengthening food security and reducing the impact of the war in Ukraine and recent global economic crises in Liberia." Agriculture Minister Jeanine M. Cooper said.
“Rice is the staple food in Liberia, but we don't produce it. The new rice investment program supported by the European Investment Bank and the European Union ensures that Liberia can accelerate sustainable development and avoid food price shocks by increasing local rice production. On behalf of all Liberians, I wish to express my gratitude to the EIB and the European Union for working with Liberia to develop our country's rice value chain and improve the food security of Liberians." said Tanneh G. Brunson, Deputy Minister for Budget Development at the Ministry of Finance and Development Planning.
“The European Investment Bank is committed to increasing investment to strengthen food security, improve domestic agricultural production and create jobs, and reduce the impact of global food supply disruptions on local consumers. In the coming months, detailed feasibility studies will identify priority investments that can transform rice production in Liberia and enable large-scale financing across the sector." said Ambroise Fayolle, vice president of the European Investment Bank.
“The Russian attack on Ukraine is having an impact on food and commodity prices around the world, including here in Liberia. The European Union recognizes the importance of supporting local rice production in order to reduce Liberia's dependence on rice imports and increase local rice production,” said Laurent Delahousse, European Union Ambassador to Liberia.
Identification of investment priorities to improve rice production in Liberia
The EUR 4 million agreement between the Liberian government and the European Investment Bank (EIB) will prepare detailed feasibility studies to assess the potential and challenges of the Liberian rice value chain and support project implementation.
The EIB and the Liberian partners can design and structure an investment program that is expected to be launched next year.
The feasibility studies are being funded by a grant from the European Development Fund under the Africa Investment Platform.
Reduce Liberia's dependency on imported rice and world price shocks
The new EIB-backed rice value chain development program aims to boost rice production in the country by reducing Liberia's dependence on rice imports to improve food and nutrition security and create local jobs in production , storage and distribution of rice.
The overall investment program is expected to support the entire rice value chain by improving rice production, building irrigation, upgrading food laboratories, improving storage and logistics.
The European Investment Bank is the world's largest international public bank, owned directly by the 27 member states of the European Union and has been active in Liberia since 1978.
Since the pandemic, the EIB has provided more than €8 billion for public and private investment in Africa.