Shettima Launches $500M Agricultural Fund for Niger Delta

On Wednesday, Vice President Kashim Shettima launched the $500 million Niger Delta Agricultural Investment Fund during the Niger Delta Agricultural Development Investment Summit in Abuja. Shettima described the initiative as a laudable development for a nation built on an agrarian economy.

He emphasized that Nigeria cannot afford to rely solely on oil and must focus on agricultural productivity to ensure food security. The fund aims to drive commercial returns across various agricultural sectors, including aquaculture, palm oil, cassava, cocoa, rice, and livestock.

The initiative has garnered support from the World Bank, African Development Bank, Islamic Development Bank, and European Bank for Reconstruction and Development. Shettima noted that the current administration, under President Bola Tinubu, prioritizes food security and aims to transform Nigeria's agricultural landscape.

The fund will be managed by the Niger Delta Agricultural Development Investment Council, which will prepare bankable projects across the nine states in the Niger Delta region.