Buhari welcomes $538.05m agric intervention funds in Africa

President Muhammadu Buhari has welcomed the provision of $538.05 million by the African Development Bank, the Islamic Development Bank and the International Fund for Agricultural Development for the first phase of the Special Agro-Industrial Processing Zones (SAPZ) for Nigeria programme.  The President spoke on Wednesday in Dakar, Senegal, while delivering his goodwill message at the […]

President Muhammadu Buhari has welcomed the provision of $538.05 million by the African Development Bank, the Islamic Development Bank and the International Fund for Agricultural Development for the first phase of the Special Agro-Industrial Processing Zones (SAPZ) for Nigeria programme. 

The President spoke on Wednesday in Dakar, Senegal, while delivering his goodwill message at the Feed Africa Summit of Heads of State and Government, according to a statement released by his spokesman, Femi Adesina.

The President, who lauded the efforts of the African Development Bank (AfDB) to launch SAPZ, recalled that he had launched the scheme in Nigeria in October 2022. 

“I am pleased with the partnership approach used for Nigeria by the multilateral financing institutions, with the AfDB providing $210 million, the Islamic Development Bank and the International Fund for Agricultural Development providing $310m, and the government of Nigeria providing $18.05m.

“The Special Agro-Industrial Processing Zones are game changers for the structural transformation of the agricultural sector.”

Buhari called on African leaders to demonstrate political will and re-commit themselves to transformation of agriculture in the continent.

He said the Russia-Ukraine conflict that had driven up food prices, especially for basic staples such as wheat and maize.

“Feeding Africa is an imperative. We must ensure that we feed ourselves today, tomorrow, and well into the future. The starting point is to raise agricultural productivity. This requires the access of farmers to quality farm inputs, especially improved seeds, fertilizers and mechanization.

“To succeed, we must strongly support farmers. There is no doubt that we need to subsidize our farmers, but we must do so in ways that are transparent, remove rent seeking behaviour and effectively deliver support to farmers. 

“As leaders, let us decisively ensure that we meet the 10% allocation of our budgets to agriculture as agreed in the Malabo Declaration of the African Heads of State and Government,” he said.