The Federal Government and the Niger Delta Development Commission (NDDC) have unveiled a 500 million dollar Niger Delta Agricultural Development Investment Fund aimed at promoting agribusiness, creating jobs and reducing the region’s dependence on crude oil.
The fund was launched on Wednesday during the Niger Delta Agricultural Development and Investment Summit held at the Presidential Villa in Abuja and jointly organised by the Office of the Vice President and the NDDC.
Speaking at the event, NDDC Managing Director, Samuel Ogbuku, said the initiative would provide commercial financing for investments across the agricultural value chain while attracting both local and foreign investors.
He explained that the summit was held in Abuja to make it easier for financial institutions and development partners to participate in the investment drive.
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Ogbuku said the fund is expected to stimulate economic growth, create employment opportunities and promote sustainable development across the nine Niger Delta states. He also described the region as a safe destination for investment.
The NDDC boss added that the commission is close to completing a 1.2-kilometre bridge in the region, describing it as one of the major infrastructure projects undertaken by the agency in recent years.
Vice President Kashim Shettima, who declared the summit open, said agriculture remains a key priority of the Federal Government because food security is essential for national development.
He described the new investment fund as a commercially driven initiative that will support sectors such as aquaculture, palm oil, cassava, cocoa, rice, horticulture, livestock and marine resources.
According to the Vice President, the fund will also attract financing from international development institutions, including the World Bank, African Development Bank and other private investors.
Shettima noted that the Federal Government’s ongoing agricultural reforms, backed by mechanisation, farmer support programmes and increased financing, are already helping to improve food production and reduce the prices of some staple foods.
He urged state governments, investors and development partners to work together to transform the Niger Delta into a leading centre for agricultural investment and economic growth.
