Nigeria Launches $500 Million Agriculture Fund to Boost Food Security
Nigeria has launched a $500 million agriculture investment fund aimed at strengthening food security, with support expected from the World Bank and African Development Bank.
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Nigeria has launched a $500 million agriculture investment fund to bolster food security and diversify the economy, particularly in the Niger Delta region. The initiative marks a strategic shift toward revitalizing smallholder farming and reducing reliance on oil revenues, government officials said.
The fund is expected to receive financial backing from the World Bank and the African Development Bank, according to Sowetan Live. The investment aims to improve access to agricultural inputs, expand irrigation infrastructure, and support value chain development for key staple crops such as cassava, maize, and rice.
Vice President Kashim Shettima, speaking at the fund’s launch, emphasized that food security remains a top government priority. He praised communities in the South-South geopolitical zone for reclaiming their role in national food production, noting that the region had previously ceded agricultural leadership to others while focusing on oil wealth. This Day reported Shettima’s remarks, highlighting his view that the Niger Delta’s agricultural revival is a “worthy cause for the nation.”
The Regional Development Minister also commended the initiative, underscoring its potential to drive rural transformation and create jobs. While details on disbursement and targeting of smallholder farmers are still emerging, the fund aligns with broader national and regional efforts to strengthen resilience in food systems.
With Nigeria facing persistent food insecurity challenges, particularly in flood- and conflict-affected areas, the new fund could play a critical role in boosting domestic production and stabilizing food prices. The involvement of multilateral financiers signals confidence in the project’s scalability and impact potential.