The African Development Bank has introduced a new Country Strategy Paper focused on agriculture and infrastructure growth in Nigeria. This initiative includes the National Agricultural Growth Scheme and infrastructure development in SAPZ. Innovative financing measures are also proposed to bridge the $75 billion annual gap for farmers.
The African Development Bank Group (AfDB) has announced a new Country Strategy Paper aimed at enhancing agriculture and supporting economic growth in Nigeria. Dr. Abdul Kamara, the Director General of AfDB’s Nigeria Country Department, recently discussed this initiative with Finance Minister Wale Edun to strengthen collaboration in key economic sectors.
The strategy focuses on transformative projects, including the second phase of the National Agricultural Growth Scheme (NAGS), which targets food security and rural development. Additionally, infrastructure development in the Special Agro-Industrial Processing Zones (SAPZ) is being advanced, with ongoing progress in Sokoto and future expansions planned in Cross River and Kaduna States.
During a conference in Nairobi, Dr. Akinwumi Adesina highlighted AfDB’s innovative financing approach designed to address the notable $75 billion annual financing gap faced by farmers and agribusinesses in Africa. This includes mechanisms such as trade credit guarantees, blended finance, and first-loss coverage, which aim to minimize transaction costs while providing necessary technical assistance.
The conference, in collaboration with the Pan African Farmers’ Organization (PAFO), sought to mobilize support for smallholder farmers across Africa. Dr. Adesina emphasized the need for global efforts to unlock Africa’s agricultural potential, especially recognizing his recent acknowledgment from Kenyan President William Ruto, who awarded him the nation’s highest honor.
The AfDB’s new Country Strategy Paper marks a significant step towards enhancing Nigeria’s agricultural sector and economic growth. With key initiatives like the National Agricultural Growth Scheme and infrastructure investments in the SAPZ, coupled with innovative financing solutions, the strategy aims to address critical challenges faced by farmers. Global collaboration is essential to fully realize Africa’s agricultural potential.
Original Source: www.thisdaylive.com
