FG, USAID, AfDB, FNS Partner to Mobilise Funds for Farmers, Agro Processors in Nigeria
Bennett Oghifo
The Director General, Feed Nigeria Summit (FNS), Richard Mbaram has said they are collaborating with the United States Agency for International Development (USAID), the Federal Government of Nigeria and the African Development Bank (AfDB) to undertake a cooperative approach to scale-up finance and mobilise funds for farmers and agro processors in Nigeria to make the country the breadbasket of the African continent.
Mbaram stated this yesterday during a virtual press conference on the upcoming Feed Nigeria Summit DealRoom Clinic that will be held on October 12, at The Atrium, AfDB Nigeria Country Office, Abuja with the theme, “Economic Rebirth Through Agribusiness Investment.”
The DealRoom Clinic is aimed to foster meaningful engagements between investors and agribusiness partners to obtain feedback that will help agriculture deliver value to the Nigerian economy. It is the brainchild of the FNS in partnership with the Technical Partner, the USAID Agribusiness Investment Activity.
He said to take advantage of FNS DealRoom activities, scheduled to take place from December 5 to December 7, stakeholders are encouraged to participate in the FNS DealRoom Clinic aimed to equip both agribusinesses and investors with practical knowledge and insights to enhance their preparedness for fruitful collaborations during the main summit.
According to him, the summit identifies a pipeline of private sector projects, based on a common set of eligibility criteria, governance, and reporting mechanism that should be supported to deliver and pave the way for a prosperous future through increased food production.
“FDS’s DealRoom Clinic is designed exclusively for members of the investor community who take keen interest in the agribusiness sector,” he said. The event is coming ahead of the upcoming 2023 Feed Nigeria Summit slated for December 5th to 7th with the theme “Climate Change and Food Security: Achieving Economic Recovery Through Resilient Action.”
According to him, Feed Nigeria Summit is now a co-convened activity alongside the Federal Ministry of Agriculture and Food Security (FMAFS).
Many investors, he said, “have indicated interest in investing funds to boost Nigeria’s efforts to end hunger and become a primary food provider for itself and the rest of the world.
He said through the Agric Business DealRoom organised by FNS, All Farmers Association of Nigeria, (AFAN) were able to sign a $35 million productivity boosting loan deal with Tingo Plc.”
The loan is to help members dedicatedly produce targeted commodities for off-take by Tingo Plc’s agro-food investment arm; Tingo Foods.
There is a partnership between NNPC Limited and 3D Hitech Systems Limited, he said, to raise $4 billion for the two Ethanol Plants in Benue State and $189 million for the two Biodiesel plants in Cross-River, adding that “the DealRoom empowers investors and farmers to work out compacts that would deliver food and agriculture transformation at scale across the country.”
