Govt, AfDB parley on food security, economy

The Federal Government and the African Development Bank (AfDB) have initiated discussions to explore strategic areas of collaboration aimed at bolstering food security, advancing the Special Agro-Industrial Processing Zones (SAPZ) project, and promoting sustainable economic growth in Nigeria.

The partnership seeks to leverage the AfDB’s funding and technical expertise to tackle some of Nigeria’s most pressing economic challenges, including food security and agricultural development.

The discussions took place during a high-level meeting between the Ministry of Finance and the AfDB in Abuja, where the Minister of Finance underscored the critical importance of AfDB’s support as the country prepares for a pivotal harvest season.

The success of the upcoming harvest is seen as essential not only for Nigeria’s food security but also for maintaining economic stability amidst various global and local challenges.

In a statement released by the Ministry, Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun highlighted AfDB’s role in supporting Nigeria through its funding mechanisms and technical expertise.As the nation approaches this crucial period, the collaboration with AfDB is expected to enhance agricultural productivity, reduce post-harvest losses, and ensure food availability across the country.

The Minister emphasized the importance of the SAPZ project, which is designed to create agro-industrial hubs that will boost the agricultural value chain, increase export potential, and provide employment opportunities for Nigeria’s growing population. The project is seen as a cornerstone for driving economic diversification and achieving sustainable development.

Leading the AfDB delegation, Dr. Abdul Kamara, Director General for Nigeria at the AfDB, expressed the institution’s strong support for President Bola Ahmed Tinubu’s economic reforms. Dr. Kamara praised the reforms for addressing critical economic issues and setting Nigeria on a path toward recovery and growth.

 “These reforms are timely and vital for addressing Nigeria’s pressing economic challenges,” Dr. Kamara noted, adding that AfDB remains committed to providing the necessary support to ensure their success. He described President Tinubu’s approach as a bold step towards achieving long-term economic stability, despite the challenges posed by inflation, unemployment, and external shocks.Dr. Kamara also conveyed the sympathies of AfDB President Dr. Akinwumi Adesina for the recent flooding in Maiduguri, which has caused significant damage and displaced communities. He assured the Minister of AfDB’s readiness to assist in the recovery efforts and mitigate the long-term effects of the disaster on agricultural productivity and local economies.The flooding in Maiduguri has raised concerns about food security, especially in regions heavily reliant on agriculture. Dr. Kamara’s assurance of AfDB’s support for flood recovery efforts demonstrates the Bank’s commitment to addressing both immediate humanitarian needs and long-term development challenges.The AfDB is expected to provide not only financial aid but also technical support to help Nigeria rebuild affected areas, rehabilitate farmlands, and ensure that agricultural activities can resume as quickly as possible. This assistance will be critical in preventing further disruptions to the country’s food supply chain and in sustaining rural livelihoods.

A significant focus of the meeting was the advancement of the Special Agro-Industrial Processing Zones (SAPZ) project, which aims to transform Nigeria’s agricultural sector by creating integrated zones for agro-processing and value addition. These zones will serve as hubs for processing agricultural products, improving food security, and increasing Nigeria’s competitiveness in global markets.

The SAPZ project is designed to attract private investment, enhance infrastructure development, and create jobs for millions of Nigerians. By promoting the establishment of these zones, the government aims to reduce the country’s dependence on food imports and drive economic diversification.

AfDB’s involvement in the SAPZ project is seen as crucial to its success. The Bank has been a long-standing partner in financing agricultural initiatives across Africa and has the expertise to guide Nigeria in implementing large-scale agricultural projects. Through its technical assistance and funding, AfDB will play a pivotal role in ensuring that the SAPZ project delivers on its promises of improved food security, enhanced agricultural productivity, and sustainable economic development.

The meeting, the statement said marked a significant milestone in the partnership between the Federal Government and the AfDB. Both parties reaffirmed their commitment to working together to address Nigeria’s economic challenges, particularly in the areas of food security, agriculture, and sustainable development.

The endorsement of President Tinubu’s economic reforms by the AfDB is seen as a major vote of confidence in the government’s efforts to stabilize the economy. With the AfDB’s continued support, Nigeria is well-positioned to navigate its current challenges and lay the foundation for long-term economic growth.

The visit also highlighted the importance of international cooperation in driving sustainable development in Nigeria. The presence of key representatives from both the AfDB and the Ministry of Finance, including Linda Amadi, Orison Amu, George N.S., and Onyoh Ajibola, underscored the collaborative nature of the discussions.

As Nigeria faces challenges related to food security, inflation, and economic growth, the collaboration with AfDB provides a pathway for addressing these issues through targeted interventions and strategic investments. AfDB’s expertise in agriculture, infrastructure, and finance positions it as a critical partner in Nigeria’s journey toward economic stability and sustainable development.

Moving forward, the Federal Government and AfDB are expected to deepen their engagement in key sectors, including agriculture, infrastructure, and industrial development. The outcome of these collaborations will be instrumental in shaping Nigeria’s economic future and ensuring that the country remains resilient in the face of both domestic and global challenges.

Govt, AfDB parley on food security, economy - The Nation Newspaper (thenationonlineng.net)