$500M Fund Launched for Niger Delta Agricultural Growth

On July 15, 2023, the Niger Delta Agricultural Development and Investment Summit took place at the Banquet Hall of the Presidential Villa in Abuja, where Vice President Kashim Shettima unveiled a $500 million investment fund to enhance agricultural development in the Niger Delta region. This initiative aims to create 500,000 jobs and transform the region's economy, which has historically relied on crude oil since its discovery in 1956 in Oloibiri, Bayelsa State.

The summit, organized by the Office of the Vice President and the Niger Delta Development Commission (NDDC), marked a significant milestone in agricultural investment, bringing together government, financial institutions, and private investors to share a vision for agricultural transformation. The fund will support projects across various agricultural value chains, including oil palm, aquaculture, cassava, cocoa, rice, and livestock.

NDDC's Managing Director, Samuel Ogbuku, emphasized the need to unlock the agricultural potential of the region, while Chairman Chiedu Ebi noted the importance of diversifying the economy beyond oil.