The Federal Government has introduced a $500 million agriculture investment fund aimed at boosting food production, attracting private capital and supporting agricultural development in the Niger Delta.
Vice President Kashim Shettima announced the initiative on Wednesday during an investment summit for the oil-producing region in Abuja.
According to the Vice President, the fund is designed to support commercially viable agricultural projects across key value chains, including aquaculture, palm oil production, fisheries and other marine-based industries.
He explained that the initiative will operate as a commercially managed investment vehicle focused on generating returns while expanding investments in crop production, livestock, fisheries and marine resources.
Shettima said the fund is expected to draw financing from a combination of multilateral development institutions and private sector investors.
He identified the World Bank, the African Development Bank and the Islamic Development Bank among the institutions expected to participate, alongside private investors, although he did not provide details of the proposed financing arrangement or contributions from each partner.
The Vice President said the initiative forms part of the Federal Government’s broader efforts to strengthen food security, increase agricultural productivity and encourage greater private sector participation in the country’s agricultural sector.
He added that the programme complements other government initiatives aimed at modernizing agriculture, including plans to deploy 10,000 tractors over the next five years to expand mechanized farming nationwide.
