AFDB Launches Strategy Paper to Enhance Nigeria’s Agricultural Growth

The African Development Bank has launched a Country Strategy Paper aimed at boosting Nigeria’s agriculture and economy. The strategy includes the National Agricultural Growth Scheme and advancements in agricultural processing zones. The AfDB discusses financial strategies to address the $75 billion annual financing gap for farmers in Africa.

The African Development Bank Group (AfDB) has introduced a new Country Strategy Paper designed to enhance agriculture and stimulate economic growth in Nigeria. Dr. Abdul Kamara, the Director General of AfDB’s Nigeria Country Department, recently met with Finance Minister Wale Edun, emphasizing the importance of collaboration within critical economic sectors.

Dr. Kamara reaffirmed AfDB’s commitment to impactful projects in Nigeria. The strategy includes the second phase of the National Agricultural Growth Scheme (NAGS), aimed at improving food security and rural development. Furthermore, he cited advancements in infrastructure associated with the Special Agro-Industrial Processing Zones (SAPZ) in Sokoto, with upcoming expansions planned for Cross River and Kaduna States.

During a Conference on Scaling Finance for Smallholder Farmers in Nairobi, Dr. Akinwumi Adesina discussed the Bank’s innovative strategies to address financial challenges faced by farmers. These include trade credit guarantees, blended financing methods, and first-loss coverage designed to bridge the financing gap.

The conference, held in collaboration with the Pan African Farmers’ Organization (PAFO), sought to tackle the significant $75 billion annual financing shortfall for farmers and agribusinesses across Africa. Dr. Adesina, who was recently honored by President William Ruto of Kenya, urged for collective global efforts to realize Africa’s agricultural potential.

The African Development Bank’s newly launched Country Strategy Paper focuses on enhancing Nigeria’s agriculture and infrastructure development. Through collaborative efforts and innovative financing instruments, the AfDB aims to address significant challenges in food security and rural development, ultimately seeking to unlock the continent’s agricultural capacity while reducing financing gaps faced by farmers and agribusinesses.

Original Source: www.thisdaylive.com