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Nigeria: AfDB, IFAD, invests $800m to boost Agriculture

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The Bank of Industry (BoI), African Development Bank (AfDB), International Fund for Agricultural Development (IFAD), and  Islamic  Development Bank (ISB) have approved $800million to reduce poverty, end hunger and increase resilience to climate change in rural communities around Nigeria.

Specifically, AfDB is pumping in $500 million to drive the Special Agro-Industrial Processing Zones (SAPZ) project aimed at raising the productivity and competitiveness of the country’s agriculture sector.

The Technical Adviser to the Minister of Agriculture and Rural Development, Richard-Mark Mbaram, a member of Feed Nigeria Summit (FNS)’s Organising Committee, said IFAD was also supporting SAPZ with $250 million, while ISB is putting in $80 million.

The project aims at boosting the rapid development of modern agro-processing capacity in the country.

According to him, the Development Bank of Brazil has signed a fresh $1.2 billion Memorandum of Understanding (MoU) with the Federal Government for agriculture modernization, adding efforts are on to use the fund to boost mechanization and set up modern agro centers across the country.

This year, FNS, he noted is focused on revamping the country’s food system architecture and addressing concerns surrounding critical value chain activities in the agriculture sector.

The Summit-themed; POST-COVID19: A Repaired Food System, Pathway to a Revived Economy, according to him, seeks to capitalize on the positive energy of the Nigerian agriculture sector to strengthen the nation’s overall economy, post-pandemic. It aims to contribute significantly to the actualization of an inclusive, eûcient, and competitive food system for Nigeria.

“The theme of this year’s Feed Nigeria Summit resonates with current realities we face globally from the prism of the food system, heavily occasioned by the COVID-19 pandemic. From Nigeria’s perspective, there is so much at stake. With this Summit, we are looking to x-ray these realities,” Mbaram said.

He said: “For us, if we can repair the country’s food system, then certainly our economic-revamp efforts will be on the right track. The Summit will achieve this critical objective with the support of the Federal Ministry of Agriculture and Rural Development (FMARD), also keen on advancing the course of its agricultural policy – NATIP.”

The summit will also feature the Mezzanine Deal Brokerage Room, wholly dedicated to forging partnerships between the public and private sectors.

The event, hosted by AgroNigeria, will take place at the Ladi Kwali Conference Centre, Sheraton Hotel and Towers, Abuja, on August 23 and 24.

FNS 2021 is supported by the AfDB, FMARD, UK Department for International Trade, AFEX Nigeria, Flour Mills of Nigeria, and other stakeholders in the agriculture sector.

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