By By Elizabeth Ugbo
Vice President Kashim Shettima on Wednesday launched the $500 million Niger Delta Agricultural Investment Fund in Abuja during the Niger Delta Agricultural Development and Investment Summit, jointly organised by the Office of the Vice President and the Niger Delta Development Commission (NDDC). The initiative aims to attract investment into agriculture across the Niger Delta, strengthen food security, create jobs, and support President Bola Tinubu’s economic transformation agenda.
Shettima Says Food Security Remains Tinubu’s Top Priority
Speaking at the summit, Shettima described the investment fund as a major step toward restoring Nigeria’s agricultural strength.
He said agriculture formed the backbone of Nigeria’s economy before the discovery of crude oil.
According to him, no nation can secure its future without producing enough food for its people.
He noted that President Bola Tinubu placed food security among the administration’s earliest priorities after assuming office in 2023.
Shettima explained that the President’s declaration of a state of emergency on food security shifted government efforts from policy discussions to practical agricultural production.
Agriculture Built Nigeria Before Oil
The Vice President recalled that agricultural exports once funded Nigeria’s development.
He said the groundnut pyramids of the North, cocoa plantations in the West, and palm produce from the East and Niger Delta financed schools, hospitals, and national institutions.
However, he lamented that the oil boom weakened the country’s agricultural sector.
According to him, Nigeria gradually abandoned farming and relied heavily on food imports instead of local production.
Niger Delta Chooses Agriculture Over Oil Dependence
Shettima praised the Niger Delta for embracing agriculture despite its vast oil resources.
He said the region could have depended solely on crude oil revenue.
Instead, it chose to revive its rich agricultural heritage and contribute to national food production.
He reminded participants that palm oil from the Niger Delta powered international trade long before crude oil exploration began.
$500 Million Fund Targets Entire Agricultural Value Chain
The Vice President officially unveiled the $500 million Niger Delta Agricultural Investment Fund.
He explained that the fund will operate as a commercial, returns-driven investment vehicle.
The initiative will support:
- Aquaculture
- Palm oil production
- Cassava farming
- Cocoa production
- Rice cultivation
- Horticulture
- Marine resources
- Livestock development
Shettima disclosed that the programme has attracted commitments from major international financial institutions.
These include the World Bank, African Development Bank, Islamic Development Bank, European Bank for Reconstruction and Development, alongside private and commercial investors.
He also announced the establishment of the Niger Delta Agricultural Development and Investment Council, which he will chair, while the NDDC will serve as the council’s secretariat.
Federal Government Expands Agricultural Mechanisation
The Vice President highlighted several ongoing agricultural programmes under the Tinubu administration.
These include:
- Renewed Hope Agricultural Mechanisation Programme
- John Deere Tractorisation Programme
- Greener Hope Project
- Green Imperative Programme
He said the mechanisation initiative plans to deploy 10,000 tractors over five years while encouraging local tractor assembly.
Shettima added that these interventions have already reduced the prices of several food commodities, with some declining by nearly 50 percent.
Minister Calls for Stronger Public-Private Partnerships
Minister of Regional Development, Abubakar Momoh, described agriculture as central to Nigeria’s economic transformation.
He said the National Regional Development Policy recognises each region’s comparative advantage for investment and economic growth.
Momoh urged development partners, private investors, and governments to collaborate more closely.
According to him, government alone cannot transform Nigeria’s economy.
NDDC, Stakeholders Seek Sustainable Regional Growth
Chairman of Origin Group, Prince Samuel Joseph, commended the NDDC for driving economic transformation in the Niger Delta.
He praised the Federal Government for implementing programmes that improve livelihoods across the region.
Meanwhile, the Managing Director of the NDDC described the summit as the beginning of a long-term partnership.
He encouraged stakeholders to build lasting partnerships that attract investment, create jobs, strengthen food security, and grow the economy.
Also speaking, NDDC Governing Board Chairman Chiedu Ebie said the Niger Delta deserves sustainable and inclusive development.
He stressed that young people need employment opportunities, while farmers require better access to finance, technology, infrastructure, and markets.
Shettima Urges Investors to Turn Commitments into Action
The Vice President urged investors, governors, development partners, and stakeholders to move beyond discussions.
He said the investment fund has been launched, financing commitments secured, and governance structures established.
Shettima called on all partners to support bankable agricultural projects across the Niger Delta and help transform the region into a leading food production hub.
