Nigeria launches $500m Agriculture Fund
Nigeria has unveiled a $500 million agricultural investment fund for the oil-rich Niger Delta region as part of efforts to boost food production, attract private sector investment and enhance the country’s food security.
Speaking at an investment summit in Abuja on Wednesday, Vice President Kashim Shettima said the fund would support key sectors such as aquaculture, palm oil production and marine resources through financing from multilateral development institutions and private investors.
He explained that the initiative would operate as a commercially driven investment vehicle focused on generating returns while investing across crop production, livestock, fisheries and marine resource development.
Although Shettima did not provide details of the fund’s financing structure, he said it would draw commitments from the World Bank, the African Development Bank, the Islamic Development Bank and private investors.
The initiative forms part of Nigeria’s broader food security strategy, which also includes plans to deploy 10,000 tractors over the next five years and accelerate the mechanisation of the country’s agricultural sector.
Source: Reuters
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