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Nigeria has launched a $500 million agriculture investment fund for the oil-producing Niger Delta region, seeking to raise food output, attract private investment and strengthen food security, Vice President Kashim Shettima said on Wednesday.
Speaking at an investment ?summit for the region in Abuja, Shettima said the fund would invest in areas including aquaculture, palm oil, and marine resources, leveraging financing from multilateral lenders and private investors.
The fund will operate as a commercial, returns-driven investment vehicle ?spanning crops, livestock, fisheries and marine resources.
Shettima did not disclose the fund's financing structure, but said it would pool commitments ?from the World Bank, African Development Bank, Islamic Development Bank and private investors.
The fund aligns ?with Nigeria's food security drive, which includes plans to deploy 10,000 ?tractors over five years and expand farm mechanisation.
Reporting by Camillus Eboh; Writing by Elisha Bala-Gbogbo; Editing by Jan Harvey
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