The African Development Bank has introduced a Country Strategy Paper for Nigeria, focusing on agricultural enhancement and economic growth through projects like the National Agricultural Growth Scheme. The strategy involves infrastructure improvements in Special Agro-Industrial Processing Zones and innovative financing solutions to address the financing gap for farmers, urging global collaboration for agricultural development.
The African Development Bank Group (AfDB) has recently introduced a new Country Strategy Paper aimed at enhancing agricultural development and stimulating economic growth in Nigeria. Dr. Abdul Kamara, the Director General of AfDB’s Nigeria Country Department, led discussions with Finance Minister Wale Edun to strengthen collaboration within critical economic sectors. The strategy emphasizes transformative projects, particularly the second phase of the National Agricultural Growth Scheme (NAGS), which is designed to improve food security and promote rural development.
Additionally, the strategy outlines advancements in infrastructure projects within the Special Agro-Industrial Processing Zones (SAPZ), specifically noting progress in Sokoto and future expansions planned for Cross River and Kaduna States. In a recent conference held in Nairobi focusing on Financing for Smallholder Farmers, Dr. Akinwumi Adesina detailed the Bank’s innovative financing methods, which include trade credit guarantees and blended finance mechanisms intended to close the financing gap for farmers.
These strategies are specifically aimed at reducing the high transaction costs associated with enterprise support and come with the provision of technical assistance. The conference, conducted in collaboration with the Pan African Farmers’ Organization (PAFO), highlighted Africa’s substantial $75 billion annual financing gap in agriculture and agribusiness. Dr. Adesina, honored recently with Kenya’s highest national accolade by President William Ruto, called for a unified global effort to unleash Africa’s agricultural potential.
The launch of the AfDB’s Country Strategy Paper represents a significant commitment to advancing agriculture and infrastructure in Nigeria. With a focus on the National Agricultural Growth Scheme and infrastructural enhancements in Special Agro-Industrial Processing Zones, the initiative aims to improve food security and rural development. Additionally, innovative financing strategies are set to address the existing funding gaps, highlighting the need for global collaboration in unlocking Africa’s agricultural capabilities.
Original Source: www.thisdaylive.com
