Shettima Launches $500M Niger Delta Agricultural Fund

On Wednesday, Kashim Shettima, the Vice President of Nigeria, launched a $500 million Niger Delta Agricultural Investment Fund during the Niger Delta Agricultural Development Investment Summit in Abuja. This fund is described as a significant step toward transforming the Niger Delta into a thriving agricultural hub and reducing the nation's dependence on oil.

The fund will operate as a commercially driven investment vehicle supporting the entire agricultural value chain, including aquaculture, palm oil, cassava, cocoa, rice, horticulture, marine resources, and livestock across nine Niger Delta states. The initiative is backed by commitments from leading international financial institutions, including the World Bank, African Development Bank (AfDB), Islamic Development Bank, and the European Bank for Reconstruction and Development, alongside private commercial investors.

Shettima emphasized the alignment of this initiative with President Bola Ahmed Tinubu's commitment to food security, which was declared a state of emergency in July 2023. The fund aims to create job opportunities for youth and stimulate agro-industrial development in the region.