Nigeria unveiled a $500 million fund to invest in agriculture in the oil-producing Niger Delta region, where farmlands and waterways have suffered from decades of environmental pollution.
The fund will operate as a “commercial, returns-driven vehicle” with a focus on aquaculture, palm oil production, and livestock, Vice President Kashim Shettima said. It has secured commitments from multilateral lenders, including the World Bank and the African Development Bank, he added.
Nigeria has relied heavily on oil produced in the Niger Delta since the 1960s, with crude sales making up around 90% of foreign exchange earnings. But regional development has not kept up with the vast economic value of its natural resources. Oil price booms have increased Nigeria’s wealth, but an overdependence on crude has weakened investment in other sectors, while corruption and poor governance remain rampant. Armed groups have sprung up across the Niger Delta in recent decades, alongside criminal networks who steal crude oil to pressure the government to deliver more oil benefits to host communities.