Relief as Nigeria secures $244m for emergency food production
The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina announced that the multilateral bank in partnership with the Japan International Cooperation Agency (JICA), provided $244 million for emergency food production in Nigeria.
Dr. Akinwumi Adesina revealed this in Abuja during the inauguration of the Special Agro-Industrial Processing Zones.
The AfDB President noted that $134 million will be issued under the Bank’s African Emergency Food Production Facility, while the Japan International Cooperation Agency (JICA) will make available the remaining $110 million.
However, Adesina expressed concern that Nigeria has yet to sign and utilize the fund despite having been endorsed by the AfDB since July 2022.
Adesina further said the fund is part of the larger fund to help Africa avert a food crisis following Russia’s war in Ukraine.
king of investors learned that the $1.5 billion African Emergency Food Production Facility was launched to support 20 million farmers in Africa.
While virtually addressing a cross section of prominent figures including Vice President Yemi Osinbajo, Adesina said, “Your Excellency, we need to act faster to avert a food crisis in Nigeria.
“It is worrying that these emergency funds approved since July 2022, for emergency food production, have not yet been signed for implementation by Nigeria.
“Yet the seasons wait for no one, while the hungry wait for timely help. “More action, responsiveness and delivery is needed.”
It should be recalled that the recent floods in Nigeria have damaged many agricultural lands across the country, especially in the North East and North West.
king of investors also reported that the Maize Farmers Association of Nigeria lamented that the country’s maize production was not meeting its target due to floods that damaged several maize farms.
Meanwhile, Akinwumi Adesina noted that Special Agro-Industrial Processing Zones (SAPZs) will transform the food and agriculture sector in Africa. He revealed that the continental bank is investing over $1 billion in SAPZs in 18 African countries.
“SAPZ will contribute to reducing rural exodus, expanding fiscal space and enhancing the emergence of competitive agricultural value chains,” he began.