The African Development Bank has launched a Country Strategy Paper to enhance agriculture and stimulate economic growth in Nigeria. Key initiatives include the second phase of the National Agricultural Growth Scheme and infrastructure development within agro-industrial zones. Dr. Adesina emphasized innovative financing solutions for farmers to bridge a critical funding gap in the agribusiness sector.
The African Development Bank Group (AfDB) has introduced a new Country Strategy Paper aimed at enhancing agriculture and fostering economic growth in Nigeria. Dr. Abdul Kamara, the Director General of AfDB’s Nigeria Country Department, led a delegation to discuss collaboration with Finance Minister Wale Edun on vital economic sectors.
This Country Strategy Paper emphasizes AfDB’s dedication to transformative initiatives in Nigeria, including the second phase of the National Agricultural Growth Scheme (NAGS), which targets food security and rural development. Furthermore, Dr. Kamara pointed out advances in infrastructure development within the Special Agro-Industrial Processing Zones (SAPZ), particularly in Sokoto, and future projects in Cross River and Kaduna.
During the Conference on Scaling Finance for Smallholder Farmers held in Nairobi, Dr. Akinwumi Adesina highlighted the Bank’s innovative financing strategies, such as trade credit guarantees and blended finance mechanisms, designed to address the significant financing challenges faced by farmers. These initiatives aim to lower the high transaction costs associated with supporting agricultural enterprises through comprehensive technical assistance.
The conference, organized in conjunction with the Pan African Farmers’ Organization (PAFO), focused on resolving Africa’s $75 billion annual financing gap for farmers and agribusinesses. Dr. Adesina, who was honored by President William Ruto of Kenya, urged international cooperation to unlock Africa’s agricultural capabilities.
The unveiling of the Country Strategy Paper by the AfDB marks a significant commitment to advancing Nigeria’s agricultural and infrastructural development. With a focus on initiatives such as the National Agricultural Growth Scheme and innovations in financing for farmers, the strategy aims to address critical economic challenges. Collaborative efforts will be essential for realizing the vast agricultural potential in Nigeria and across Africa.
Original Source: www.thisdaylive.com
