The African Development Bank has launched a new Country Strategy Paper to enhance agriculture and infrastructure in Nigeria. Key initiatives include the NAGS for food security and the development of Special Agro-Industrial Processing Zones. Innovative financial strategies have been introduced to close the funding gap for farmers, addressing Africa’s $75 billion annual financing deficit in agriculture.
The African Development Bank Group (AfDB) has introduced a new Country Strategy Paper aimed at enhancing agriculture and stimulating economic growth in Nigeria. A notable meeting between Dr. Abdul Kamara, Director General of AfDB’s Nigeria Country Department, and Finance Minister Wale Edun marked the initiation of this strategy, aimed at strengthening collaborations in vital economic sectors.
Dr. Kamara affirmed AfDB’s dedication to transformative initiatives in Nigeria, including the second phase of the National Agricultural Growth Scheme (NAGS), which emphasizes food security and rural development. Additionally, he informed about advancements in infrastructure, particularly within the Special Agro-Industrial Processing Zones (SAPZ) in Sokoto, along with future expansions in Cross River and Kaduna States.
At a recent Conference on Scaling Finance for Smallholder Farmers in Nairobi, Dr. Akinwumi Adesina outlined the AfDB’s innovative financial strategies to alleviate the agricultural financing gap. These strategies incorporate trade credit guarantees, blended finance mechanisms, and first-loss coverage, all designed to lower transaction costs and provide necessary technical support to farmers.
The conference, which was co-organized with the Pan African Farmers’ Organization (PAFO), focused on addressing Africa’s significant annual financing deficit of $75 billion for farmers and agribusinesses. Dr. Adesina, who has been honored by President William Ruto of Kenya, emphasized the necessity for global actions to unlock Africa’s agricultural potential.
The African Development Bank’s new Country Strategy Paper highlights its commitment to fostering agriculture and infrastructure in Nigeria. With the introduction of essential programs aimed at food security and economic support for rural development, alongside innovative financial instruments, the strategy seeks to bridge the financing gap faced by smallholder farmers. This multifaceted approach underscores the urgency of mobilizing resources to realize Africa’s agricultural potential.
Original Source: www.thisdaylive.com
