BY ALEX ADI
Jospong Group of Companies is on the verge of securing $400 million in funding from the African Export-Import Bank (Afrexim Bank) to boost its waste management projects in Lagos State, Nigeria, and Abuja.
This significant investment will also support the company’s rice project in Ghana, a move that’s expected to make a substantial impact on the country’s food security. The funding announcement was made on the sidelines of the COP29 summit in Baku, Azerbaijan, where global leaders gathered to discuss pressing environmental issues.
Jospong Group is set to revolutionise waste management in Lagos with a groundbreaking project, featuring nine state-of-the-art plants that will convert waste into recyclable materials, fertilisers, and other valuable products.
The initiative also includes upgraded transfer stations and enhanced waste collection services.
At a media briefing following talks with Afrexim Bank officials, Jospong Group’s Chief Investment Officer, Noah Gyimah, revealed plans to expand the Group’s investment footprint across Africa. Mr Gyimah said it was important to hold broader discussions with Afrexim Bank to secure support for Jospong’s pan-African expansion.
Jospong Group is expanding its operations across Africa, with advanced discussions underway in Nigeria, Uganda, and Kenya. The company aims to replicate its successful waste management model in these markets.
Currently, the Ugandan government has entered into a partnership with the Jospong Groups to tackle the country’s waste management issues. The deal includes decommissioning of the 39-acre landfill in Wakiso District, near Kampala. This landfill will be transformed into an ecological recreational facility.
As part of the financing arrangement with Afrexim Bank, Jospong Group plans to source additional $50 million for its rice project in Ghana. The group is also integrating climate change technologies’ to reduce emissions through its production activities.
Jospong Group, through its subsidiary, the Asian African Consortium, is scaling up Ghana’s rice industry by investing in high-quality seeds, modern production technologies, and training for smallholder farmers. The goal is to replace the increasing quantities of imported rice.
