Nigerian Vice President Kashim Shettima announced on Wednesday (15) the creation of a US$500 million investment fund aimed at developing agribusiness in the Niger Delta region, the country's main oil-producing area. The announcement was made during an investment summit held in Abuja. According to Shettima, the fund will function as a commercial investment vehicle, oriented towards financial return, focusing on chains such as agriculture, livestock, fishing, aquaculture, palm oil and marine resources. The initiative seeks to diversify the region's economy, historically dependent on the oil industry, and expand investments in activities related to food production and sustainable development. According to the vice president, the fund will have resources from multilateral financial institutions and private investors. Among the supporters mentioned are the World Bank, the African Development Bank (AfDB) and the Islamic Development Bank (IsDB).
This text was translated by machine from Brazilian Portuguese.