Kisumu County Governor Prof. Peter Anyang Nyongo has announced the signing of a deal between Kisumu County’s 42 Lake Ventures Company and a UK investment group, United Green. The deal is worth Ksh. 30b in agriculture and food security investment programmes which is set to revolutionize food production and general Agriculture in the entire Lake region. Kisumu County 42 Lake Ventures Company is an investment entity wholly owned by the County Government of Kisumu.
The resultant partnership will deliver agri-fin-tech services for rural communities, high productivity climate-smart farming and state-of-the-art agro-industrial facilities that will create new markets for farmers in the Lake Victoria basin region over the next five years, Nyongo said in a statement after the signing of the agreement.
The venture will reduce Kenya’s dependence on importing food commodities by approximately Ksh. 24 billion annually, thus reducing Kenya’s trade deficit. An array of high-value crops will generate foreign exchange with a focus on servicing local consumer and industry demand with consumer value addition done within Kenya; this includes (amongst others): At least 100,000 tonnes (16% of local demand) of locally produced rice products.
At least 100,000 bales (160% of current local production) are equivalent to cotton products to support the Kenyan textile industry; Edible oil such as sunflower, soybean, cottonseed, soybean and maize by-products to support the livestock sector. This project has come at the most opportune time because Kenya needs a champion organisation to provide leadership and prudent investment, to develop an inclusive, scalable, market-based, environmentally sustainable and high-productivity agri-food system Nyongo says in a statement
The project has an incredible alignment with the County Government of Kisumu’s strategy and with the national Government. Agricultural Sector Transformation and Growth Strategy (ASTGS) 2019-2029 – we will significantly contribute to all nine ASTGS Flagships. We reiterated that the project resonates with his Manifesto for the revitalization of Agriculture in the next five years.
In his manifesto, Prof. Nyongo committed to putting more land under production in Nyando, Kisumu East, Muhoroni, Nyakach, Kisumu West and Seme Sub-Counties. It is also set to revamp rice production and invest in horticulture and floriculture in Nyamthoe, Mboha valley and kano plains. This project will also help to accelerate growth in other agricultural sub-sectors, including the revival of the cotton industry, and dairy and fish production.