Shettima launches $500m Niger Delta agriculture fund to boost food security, investment
Vice President Kashim Shettima on Wednesday launched the $500 million Niger Delta Agricultural Investment Fund, describing it as a major step towards transforming the oil-producing region into an agricultural hub while strengthening Nigeria’s food security and economic diversification efforts.
Speaking at the Niger Delta Agricultural Development and Investment Summit in Abuja, jointly organised by the Office of the Vice President and the Niger Delta Development Commission (NDDC), Shettima said the initiative would unlock investments across the agricultural value chain and reduce the country’s dependence on oil revenues.
He said Nigeria’s future depended on its ability to feed itself, noting that agriculture had historically sustained the country’s economy before the discovery of crude oil.
“While nations survive on many resources, they endure because they can feed themselves,” the Vice President said.
According to him, the fund is designed as a commercially driven investment vehicle targeting key sectors including aquaculture, palm oil, cassava, cocoa, rice, horticulture, livestock and marine resources.
“This is a commercial, returns-driven vehicle spanning the value chain, from aquaculture and palm oil to cassava, cocoa, rice, horticulture, marine resources and livestock,” Shettima said while unveiling the fund.
He disclosed that the initiative would leverage financing commitments from development partners, including the World Bank, African Development Bank, Islamic Development Bank, European Bank for Reconstruction and Development, as well as private and commercial investors.
To coordinate implementation, the Vice President announced the establishment of the Niger Delta Agricultural Development and Investment Council, which he will chair, with the NDDC serving as its secretariat.
