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Wednesday, July 24, 2024

AfDB to invest $1bn in Nigeria’s agric sector

The African Development Bank, on Thursday, pledged to invest $1billion into Nigeria’s agricultural sector in order to ensure massive job opportunities and food security.

This was revealed by the Minister of Agriculture and Food Security, Abubakar Kyari, during a press briefing with State House Correspondents after the conclusion of the 137th National Economic Council meeting presided over by Vice-President Kashim Shettima at the Aso Rock Villa, Abuja, on Thursday.

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“The Vice President who attended the World Food Prize in Des Moines, Iowa, met with the president of the African Development Bank. Dr Adesina has already pledged $1bn to the second phase,” said the minister.

He also noted that his ministry made a presentation to the council outlining the collaborative program with the African Development Bank, the International Fund for Agricultural Development, the Islamic Development Bank, various state governments, and private investors.

Kyari further revealed the positive ripple effects to the economy, noting the numbers regarding employment of the youth.

He explained, “The seven states are Kano, Kaduna, Kwara, Ogun, Oyo, Imo, and Cross River, and like I said, with the FCT being the eighth partner in this programme.

“The quick wins here are that even in the stage of construction, you will have the opportunity for over 3,000 jobs.

“And at the end of the construction, opportunities will be for almost 500,000 jobs on each zone that is for each state and then also to support about 100,000 farmers.”

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