By Chinyere Anyanwu
In a move reinforcing its commitment to Nigeria’s economic transformation, the African Development Bank Group (AfDB) has unveiled a Country Strategy Paper designed to boost agriculture, enhance food security and accelerate infrastructure development.
This was revealed by a delegation of the bank led by the Director General, Nigeria Country Department, Dr. Abdul Kamara, during a recent meeting with Finance Minister, Wale Edun, to deepen collaboration in key sectors of the economy.
Kamara announced the launch of a new Country Strategy Paper, reaffirming AfDB’s commitment to transformative projects in Nigeria, which include the second phase of the National Agricultural Growth Scheme (NAGS) that focuses on food security and rural development.
He also highlighted infrastructure progress in the Special Agro-Industrial Processing Zones (SAPZ), with advancements in Sokoto and planned expansions in Cross River and Kaduna states.
Speaking during the conference on Scaling Finance for Smallholder Farmers in Nairobi, Dr. Adesina outlined the bank’s innovative approach, which includes trade credit guarantees, blended finance mechanisms and first-loss coverage to close the financing gap for farmers.
These instruments aim to reduce the high transaction costs of supporting enterprises, with the backing of technical assistance.
The conference, organised in partnership with the Pan African Farmers’ Organisation (PAFO), addressed Africa’s critical $75 billion annual financing gap for farmers and agribusinesses.
Adesina, who recently received Kenya’s highest national honour from President William Ruto, called for global action to unlock Africa’s agricultural potential.