African Development Bank Launches Strategy to Enhance Nigeria’s Agriculture and Infrastructure

The African Development Bank Group has launched a Country Strategy Paper focused on advancing agriculture and infrastructure in Nigeria. Key initiatives include the second phase of the National Agricultural Growth Scheme and improvements in Special Agro-Industrial Processing Zones. Notably, Dr. Akinwumi Adesina discussed innovative financial solutions for smallholder farmers to address the continent’s $75 billion financing gap. Global collaboration is deemed essential for unlocking Africa’s agricultural potential.

The African Development Bank Group (AfDB) has introduced a new Country Strategy Paper aimed at improving agriculture and stimulating economic development in Nigeria. The initiative was presented by Dr. Abdul Kamara, the Director General of AfDB’s Nigeria Country Department, during a meeting with Finance Minister Wale Edun, emphasizing a commitment to pivotal projects in the country.

This strategic plan includes the second phase of the National Agricultural Growth Scheme (NAGS), which targets advancements in food security and rural development. Furthermore, significant progress in infrastructure has been observed in the Special Agro-Industrial Processing Zones (SAPZ), particularly in Sokoto, with future expansions planned in Cross River and Kaduna States.

At a recent Conference on Scaling Finance for Smallholder Farmers in Nairobi, Dr. Akinwumi Adesina showcased AfDB’s innovative financial instruments. These include trade credit guarantees and blended finance mechanisms designed to mitigate the financing challenges faced by farmers and agribusinesses, effectively addressing the annual $75 billion financing gap in Africa.

Organized in collaboration with the Pan African Farmers’ Organization (PAFO), this conference emphasized the importance of global engagement to realize Africa’s agricultural potential. Dr. Adesina, who received a distinguished honor from President William Ruto, reiterated the necessity of collective global action to support Africa’s agronomic opportunities.

In summary, the African Development Bank’s new Country Strategy Paper presents a robust framework for enhancing Nigeria’s agriculture and infrastructure. By initiating key projects such as the National Agricultural Growth Scheme and improving financial support mechanisms, AfDB aims to address the significant financing challenges hindering the agricultural sector. The collaborative efforts emphasized at the Nairobi conference highlight the urgent need for global cooperation to unlock substantial agricultural potential in Africa.

Original Source: www.thisdaylive.com