Equity Bank is backing a $100 million expansion of Selu Africa Limited’s Galana-Kulalu farming project in Kenya, where Peter Njonjo’s company plans to scale up maize production through irrigation, precision agriculture and technology-driven farming.

Selu Africa plans to invest Ksh13 billion ($100 million) over the next three years to expand production at its 20,000-acre parcel in Kilifi County, following harvests of up to 35 bags of maize per acre. The company has increased cultivated land from 500 acres in 2025 to 2,000 acres in 2026 and is targeting yields of more than nine tonnes per hectare as it expands operations.

The project comes as Kenya seeks to strengthen domestic food production and reduce its reliance on imported supplies. Equity Bank is financing commercial farming projects as part of its broader effort to support agricultural productivity and businesses across the food value chain.

Peter Njonjo expands Selu Africa’s farming operations

Peter Njonjo, founder and chairman of Selu Group and co-founder of Twiga Foods, is leading the company’s expansion of commercial farming operations at Galana-Kulalu. He resigned from the Twiga Foods board in 2024 after an extended leave of absence.

Njonjo has said Selu Africa uses irrigation sprinklers, agricultural drones, renewable energy and data collection to guide crop production, improve farm management and optimise the application of agricultural inputs. The approach combines technology with irrigation to improve productivity and help manage resources more efficiently. Selu Africa’s planned investment is expected to increase cultivated acreage and expand its capacity to produce maize over the next three years.

The company works with agricultural businesses including AGCO, Campo and Bayer AG, while LEAF Africa supports its research component. The partnerships form part of the farm’s efforts to develop its commercial operations and improve agricultural practices.

Equity Bank backs commercial agriculture

Equity Bank’s support for the Galana-Kulalu project reflects its strategy to finance agricultural production and the businesses that support it, including input suppliers, transporters and produce traders.

Equity Bank Kenya managing director Moses Nyabanda said Kenya’s annual food import bill presents an opportunity for local producers to increase supply.

“We continue to spend hundreds of billions of shillings annually importing food. That gap is our opportunity,” Nyabanda said.

Agriculture contributes about 23% of Kenya’s gross domestic product, according to figures cited by Equity Bank. However, unpredictable rainfall continues to affect harvests and expose farmers to production risks, strengthening the case for investment in irrigation and commercial farming.

Lender targets 30% agriculture loan book

Equity Bank aims to increase agriculture’s share to 30% of its loan book under its Africa Recovery and Resilience Plan. Its financing strategy covers not only farms but also businesses involved in supplying inputs, transporting produce and trading agricultural commodities.

The Galana-Kulalu expansion is expected to create demand for workers in farm operations, machinery, agronomy, transportation and processing. Local workers have also gained experience in irrigation, pest control and fertilizer application.

For Selu Africa, the planned investment provides a pathway to expand maize production using irrigation and precision farming. For Equity Bank, the project forms part of a wider push to finance agricultural businesses and help Kenya reduce its dependence on imported food.