Nigeria Invests $521bn to Transform National Food Systems, Restore River Basin Development

Senator Kashim Shettima, the Vice President of Nigeria, has revealed a significant investment of approximately $521 billion to bolster the country’s national food production and foster a sustainable and equitable food system.

Shettima revealed this during the ongoing UN Food Systems Summit in Rome, Italy.
The funds for this ambitious initiative were mobilized from key international organizations, namely the Islamic Development Bank (IDB), the African Development Bank (AFDB), and the International Fund for Agricultural Development (IFAD).

At the summit, Shettima, who chaired a high-level meeting, emphasized the three primary objectives of President Bola Tinubu’s administration: eradicating hunger in Nigeria, ensuring food security and nutrition, and providing farmers with a decent income to stimulate increased yield and overall economic growth.

The Vice President underlined the moral imperative of eliminating hunger in the country, considering the plight of over 133 million Nigerians facing multidimensional poverty.

Furthermore, Shettima highlighted the critical role of environmental sustainability in food systems, acknowledging their significant contribution to greenhouse gas emissions, biodiversity loss, and freshwater consumption.

He praised the collaborative efforts with IFAD, which successfully empowered 100,000 small-scale farmers through the value chain development program, with the support of major international marketing firms like OLAM.

Among the notable models of transformative investment recognized at the summit were the Value Chain Development Programme (VCDP) and Special Agricultural Zones (SAPZ) implemented in Nigeria. These initiatives marked a paradigm shift in agricultural financing, with positive impacts on the country’s food systems.

Shettima expressed deep gratitude to the Islamic Development Bank, IFAD, and AFDB for their crucial support and expressed the government’s commitment to replicating their successful approach in each of Nigeria’s 36 states.

Moreover, Vice President Shettima revealed an additional plan of the Federal Government to restore River Basin Development Authorities. This initiative aims to enhance food production and provide livelihood support to further bolster food security in the country.

The government’s determination to tackle food security challenges is underscored by President Bola Ahmed Tinubu’s declaration of a state of emergency on food security and ongoing efforts to activate funding for the agricultural value chain to increase yield.

At the summit, other African leaders, including the President of Somalia and the Deputy President of Kenya, also emphasized the urgent need for innovative financing to address critical challenges on the continent, such as armed conflict, climate change, and terrorism.

Nigeria’s significant investment of $521 billion demonstrates the country’s commitment to transforming its food systems, addressing hunger, and promoting environmental sustainability.

The collaborative efforts of various international organizations and the government’s focus on targeted initiatives hold promise for a brighter and more secure future for Nigerians and the continent as a whole.