Jospong Group targets $400M Afreximbank funding for major waste and rice projects in Africa

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At COP29, the Jospong Group of Companies (JGC) unveiled its plans to secure $400 million in funding from the African Export-Import Bank (Afreximbank) for an expansive waste management initiative in Lagos, Nigeria, and a rice production project in Ghana.

The waste management project, which will involve building nine plants, aims to convert waste into recyclable materials, fertilizers, and other valuable products.

To support these efforts, Jospong will also establish transfer stations and enhance waste collection services in Lagos.

Noah Gyimah, Chief Investment Officer of Jospong Group, highlighted the importance of broad discussions with Afreximbank to expand JGC’s investments across other African countries.

According to Gyimah, these conversations also explored Afreximbank’s interest in supporting research, feasibility studies, and other developmental efforts at favorable rates, helping to pave the way for future projects.

As Jospong Group looks to replicate its waste management successes across Africa, advanced talks are already underway in Nigeria, Uganda, and Kenya.

In addition to the $400 million secured, Jospong plans to source an extra $50 million for its rice production business in Ghana.

The Asian African Consortium, a Jospong subsidiary, is scaling up Ghana’s rice industry by investing in high-quality seeds, modern technologies, and smallholder farmer training. With rice consumption nearly tripling over the past decade in Ghana, Jospong aims to reduce reliance on imported rice through local production.