The African Development Bank has launched a Country Strategy Paper for Nigeria to boost agriculture and economic growth. Key initiatives include enhancing food security through the National Agricultural Growth Scheme and improving infrastructure in Special Agro-Industrial Processing Zones. Innovative financing solutions were discussed at a conference addressing the $75 billion financing gap for African farmers.
The African Development Bank Group (AfDB) has introduced a new Country Strategy Paper aimed at enhancing agriculture and fostering economic growth in Nigeria. This initiative was announced during a meeting between Dr. Abdul Kamara, the Director General of AfDB’s Nigeria Country Department, and Finance Minister Wale Edun, as they discussed deepening collaboration in vital economic sectors.
Dr. Kamara emphasized AfDB’s commitment to transformative projects through the strategy, which includes advancing the second phase of the National Agricultural Growth Scheme (NAGS) to enhance food security and rural development. He also discussed the progress made in the infrastructure sector, particularly within the Special Agro-Industrial Processing Zones (SAPZ), highlighting ongoing developments in Sokoto and plans for expansion in Cross River and Kaduna States.
At the recent Conference on Scaling Finance for Smallholder Farmers in Nairobi, Dr. Akinwumi Adesina elaborated on innovative financial approaches adopted by the Bank. These efforts include trade credit guarantees, blended finance mechanisms, and first-loss coverage designed to mitigate the financing gap faced by farmers. The instruments focus on decreasing transaction costs while providing necessary technical assistance to enterprises.
The conference, co-hosted with the Pan African Farmers’ Organization (PAFO), sought to tackle Africa’s significant annual financing deficit for farmers and agribusinesses, which is estimated at $75 billion. Dr. Adesina, who was recently honored with Kenya’s highest national award by President William Ruto, urged for international collaboration to fully realize Africa’s agricultural potential.
The African Development Bank’s unveiling of the new Country Strategy Paper for Nigeria marks a significant step towards enhancing agricultural productivity and economic growth in the nation. By focusing on transformative projects and innovative financial solutions, the AfDB aims to address Nigeria’s challenges in food security and infrastructure development, thereby contributing to the overall advancement of the agricultural sector.
Original Source: www.thisdaylive.com
