Niger Delta: FG announces $500m for Agric business development

 

The presidency through the Vice President's office has announced a $500 million Agricultural business development fund to diversify crude oil economy in the Niger Delta Region to food sustainable more economy earnings.

This  $500m according to the Vice President( VP) of Nigeria, Kashim Shettima would be used to reposition the Region's Agricultural potentials to attract both the local and international players into active driving of the sector to achieving more vibrant economic earnings and jobs creation.

The occasion was maiden edition of Niger Delta Agricultural Development Investment summit held at the Presidential Villa, Abuja yesterday where the VP, Shettima said the said amount was to redirect the economy of the region to vibrant food security economy as Governors, investors, development financial institutions, agric business leaders and international partners were in attendance.

 Shettima described the initiative as a bold step towards reducing Nigeria's dependence on crude oil by harnessing the region's rich agricultural resources.

"Our future prosperity lies not only beneath the soil but also in what we can grow on it," the Vice President said, stressing that the fund is designed to mobilise both local and international capital for commercially viable agricultural ventures.

The investment will support mechanised farming, irrigation, agro-processing, logistics, value addition and export-oriented agriculture, while expanding opportunities in key value chains including oil palm, cassava, cocoa, rice, fisheries, aquaculture, horticulture and livestock production.

He said the professionally managed fund is expected to attract private-sector investment, generate employment, boost food production and accelerate economic diversification in line with the Federal Government's Renewed Hope Agenda.

The Managing Director and Chief Executive Officer of the NDDC, Dr. Samuel Ogbuku, described the initiative as the beginning of a new economic chapter for the Niger Delta people saying that the idea emanated from a retreat involving commissioners of agriculture from the region.

Dr. Ogbuku said that "The objective is to move agriculture from subsistence to commercial scale", noting also that improved peace and security across the region have strengthened investor confidence.

He added that the fund will finance strategic agricultural value chains of palm oil, cassava, cocoa, rice, fisheries, marine resources, horticulture and livestock towards positioning agriculture as a key driver of sustainable economic growth.

Also speaking, the NDDC Director of Agriculture and Fisheries, Mrs. Winifred Madume, said the Commission remains committed to translating the Federal Government's agricultural vision into measurable outcomes through strategic investments and partnerships.

She reiterated that before the discovery of oil, agriculture and fishing had sustained over 80 per cent of livelihoods in the Niger Delta, adding that the region remains richly endowed with fertile land and abundant water resources.