News in Brief:
– Nigeria has secured substantial financial commitments from IFAD to bolster its agricultural sector by enhancing food security and empowering farmers.
– Senator Abubakar Kyari’s election as IFAD Vice Chairman strengthens Nigeria’s global influence in agricultural policy, as domestic initiatives aim to improve farmers’ access to finance.
Nigeria has secured financial support and gained a prominent leadership position within the International Fund for Agricultural Development (IFAD). The development significantly boosts the nation’s agricultural transformation and food security efforts.
The development came during the 48th IFAD Governing Council Meeting in Rome. These investments are expected to drive advancements in various agricultural sectors across the country.
The key funding initiatives include:
- Boosting Livelihoods in the Niger Delta: A $32 million investment in the Livelihood Improvement Family Enterprises-Niger Delta (LIFE-ND) Project aims to enhance the livelihoods of families in the Niger Delta region.
- Strengthening Value Chains in Northern Nigeria: An $86.7 million allocation for the Value Chain for the North (VCN) Project (2025-2033) will focus on developing robust agricultural value chains in Northern Nigeria.
- Extending Support for Smallholder Farmers: A two-year extension of the Value Chain Development Programme Additional Financing 2 (VCDP AF2), now running from 2024 to 2026, will continue to empower smallholder farmers across the country.
- Developing Agro-Industrial Processing Zones: A $100 million investment in the Special Agro-Industrial Processing Zone (SAPZ) Program will promote the development of agro-industrial hubs, facilitating value addition and economic growth.
- Providing Grants for Agricultural Development: A $3 million ASAP grant under the VCDP AF2 will support various agricultural development initiatives.
Tailored solutions for Nigeria’s unique challenges
Nigeria’s Agricultural minister, Senator Kyari, stressed the importance of IFAD adopting flexible program designs. He said that it was necessary to effectively address Nigeria’s specific food security challenges. Also, he advocated for tailored solutions that cater to the country’s unique agricultural landscape and development priorities.
Meantime, in a significant recognition of Nigeria’s commitment to agricultural development, Kyari was elected Vice Chairman of the IFAD Governing Council during the Rome meeting. In his remarks, posted on his official X page, he expressed gratitude to Nigerian smallholder farmers and the public for their support. He pledged to collaborate with fellow council members to advance IFAD’s mandates and benefit smallholder farmers worldwide.
Kyari’s new role is anticipated to enhance Nigeria’s influence in shaping global agricultural policies and investments. As a member of the IFAD Governing Council’s Bureau, Nigeria will play a key role in guiding the agency’s strategic direction. The leadership of the governing council bureau includes the chairman Christophe Schiltz of Luxembourg and Vice Chairperson Tatiana Rosito of Brazil.
Historically, Nigeria has had a long partnership with IFAD. Since 1985, IFAD has invested over $317 million in various projects and programs across Nigeria, which has benefited over 3.7 million households. The recent funding commitments and leadership role further solidify this collaboration.
