Niger Partners CBM in Multimillion Dollar Irrigation Deal

Niger Partners CBM in Multimillion Dollar Irrigation Deal

*Saudi banks to fund project

In a bid to realise its huge agricultural potentials, the Niger State Government has entered into a partnership deal with CBM Developments Company Ltd, an agricultural development company that specialises in irrigation development.

The deal between the State Government and CBM will ensure the irrigation development of 50,000 hectares of land in the state.

At a brief ceremony which had the Governor of Niger State, Mohammed Bago, in attendance, the agreement was signed by CMB Developments Chairman, Ms. Telia Urey, and the Executive Chairman of Niger Foods, the State owned Agricultural Development Vehicle, Mr Sammy Adigun.

The irrigation project called the Niger Irrigation Infrastructure Advancement Scheme will be executed by CMB Developments, a company that represents Alkhorayef Group, a Saudi Arabia Conglomerate in Nigeria in partnership with the Niger State Government.

Alkhorayef Group is a globally renowned manufacturer of irrigation systems with headquarters in Saudi Arabia and with wide tentacles in African markets.

The project will be funded by Saudi EXIM Bank and Nexim Bank through a credit line that was extended to NEXIM in November 2023.

The project, in line with CBM Developments Corporate mission, seeks to boost agriculture development in Niger State and Nigeria as a whole.

Related Articles