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), has provided a sum of $244 million for emergency food production in Nigeria.
Dr. Akinwumi Adesina disclosed this in Abuja at the inauguration of the Special Agro-Industrial Processing Zones.
The AfDB President noted that a sum of $134 million will be issued under the bank’s African Emergency Food Production Facility while Japan International Cooperation Agency (JICA) will make the remaining $110 million available.
However, Adesina expressed worry that Nigeria has yet to sign and utilise the fund despite its approval by the AfDB since July 2022.
Adesina further stated that the fund is part of the larger fund to help Africa prevent a food crisis following the Russian war in Ukraine.
Investors King learnt that the African Emergency Food Production Facility of $1.5 billion was launched to support 20 million farmers in Africa.
While virtually addressing a cross-section of important personalities which include Vice President Yemi Osinbajo, Adesina said “Your Excellency, we must 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 yet to be signed for implementation by Nigeria.
“Yet the seasons wait for no one, while the hungry await timely help. “There is a need for greater action, responsiveness, and delivery.”
It would be recalled that the recent flood in Nigeria has damaged many farmlands across the country, particularly in the North East and North West.
Investors King had also reported that the Maize Farmers Association of Nigeria has lamented that the country’s maize production will fall short of its target due to floods which had damaged several maize farms.
Meanwhile, Akinwumi Adesina noted that Special Agro-Industrial Processing Zones (SAPZ) will transform the food and agriculture sector in Africa. He revealed that the continental bank is investing more than $1 billion in SAPZs in 18 African countries.
“SAPZ will help to reduce rural to urban migration, expand the fiscal space, and enhance the emergence of competitive agricultural value chains,” he started.