Shettima Launches $500m Niger Delta Agricultural Investment Fund to Boost Food Security, Economic Growth
Vice President Senator Kashim Shettima has launched the $500 million Niger Delta Agricultural Investment Fund, describing the initiative as a strategic step toward restoring agriculture as a key driver of Nigeria’s economy and strengthening the nation’s food security.
Speaking on Wednesday in Abuja at the Niger Delta Agricultural Development and Investment Summit, jointly organised by the Office of the Vice President and the Niger Delta Development Commission (NDDC), the Vice President said Nigeria’s future depends on revitalising its agricultural sector.
He noted that before the discovery of crude oil, agriculture sustained the country’s economy, financing schools, hospitals and other public infrastructure through produce such as groundnuts, cocoa and palm oil.
According to him, although the oil boom transformed Nigeria’s economy, it also weakened the country’s agricultural base, making the nation increasingly dependent on imported food despite its vast arable land.
Shettima commended the Niger Delta for choosing to diversify beyond oil by investing in agriculture, describing the region’s decision as a return to its historical role as a major producer of palm oil and other agricultural commodities.
He explained that the newly launched $500 million investment fund is a commercially driven initiative designed to support agricultural value chains, including aquaculture, palm oil, cassava, cocoa, rice, horticulture, livestock and marine resources.
The Vice President disclosed that the initiative would be complemented by financial commitments from international development partners, including the World Bank, African Development Bank (AfDB), Islamic Development Bank (IsDB), European Bank for Reconstruction and Development (EBRD), as well as private sector investors.
He also announced the establishment of the Niger Delta Agricultural Development and Investment Council, which he will chair, while the NDDC will serve as the council’s secretariat.
Shettima said President Bola Ahmed Tinubu’s administration has placed food security among its highest priorities since assuming office in 2023, stressing that nations capable of feeding themselves are better positioned to secure their future.
He highlighted several agricultural initiatives under the Renewed Hope Agenda, including the Agricultural Mechanisation Programme, which aims to deploy 10,000 tractors over five years, alongside local tractor assembly plants, the John Deere Tractorisation Programme, the Greener Hope Project, and the Green Imperative Programme.
According to the Vice President, the ongoing reforms have already contributed to significant reductions in the prices of several staple food commodities across the country.
He urged investors, development partners and state governments to view the summit as the beginning of long-term collaboration aimed at transforming agriculture into a major source of employment, investment and sustainable economic growth.
Earlier, the Minister of Regional Development, Engr. Abubakar Momoh, said agriculture remains central to the Federal Government’s strategy for economic transformation, job creation and regional development.
He called on development partners, private investors and sub-national governments to deepen collaboration in unlocking the agricultural potential of Nigeria’s regions.
In his keynote address, Chairman of Origin Group, Prince Samuel Joseph, commended the Federal Government and the NDDC for promoting initiatives capable of transforming livelihoods and expanding investment opportunities across the Niger Delta.
Also speaking, the Managing Director of the NDDC described the summit as the beginning of a long-term partnership to unlock the region’s agricultural potential through increased investment, job creation and enhanced food security.
The Chairman of the NDDC Governing Board, Mr. Chiedu Ebie, said the Niger Delta deserves a future driven by productivity, enterprise and sustainable development, stressing the need to provide farmers and young people with greater access to finance, technology, infrastructure and markets.
Shettima Launches $500m Niger Delta Agricultural Investment Fund to Boost Food Security, Economic Growth