Foreign investment worth millions of dollars are expected into the economy this week as the Bank of Industry (BoI), African Development Bank (AfDB), International Fund for Agricultural Development (IFAD) and Islamic Development Bank (ISB) mobilise investors to support the agricultural sector.
BoI, AfDB, IFAD and ISB have okayed $800 million 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 vehicle to drive this huge cash into the country is the Feed Nigeria Summit (FNS), hosted by AgroNigeria, that will take place from today at the Ladi Kwali Conference Centre, Sheraton Hotel and Towers, Abuja.
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 would put in $80 million.
Expectations are high as Mezzanine Deal Brokerage Room, dedicated to forging partnerships between the public and private sectors, will go live at the summit signalling a day of deal-making for the sector.
Chief Adviser on the FNS Deal Room, Dr. Debisi Araba, said despite the challenges faced by the agricultural sector, the global food sector was valued at $8 trillion which drives the need for improvement in Nigeria’s agriculture due to its great potential.
Araba noted that the FNS Deal Room is aimed at achieving viable agribusiness propositions which will be targeted at investors to facilitate funding while ensuring improved scale of investments in the Agricultural Food Sector.
Chairman of the FNS Organising Committee, Prof. Eustace Iyayi, noted the importance of the event in promoting agricultural development, which was affected by the impact of COVID-19, stressing the need for more attention on agricultural production to boost a sustainable food system.
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