Islamic Development Bank (IsDB) President, H.E. Dr. Muhammad Al Jasser, has reiterated the firm commitment to support Nigeria in achieving its development aspirations and implementing its future national development plans.
The IsDB president made the remarks during the “Nigeria High Level Event on Special Agro-Process Innovative Finance for Food Systems Transformation – Nigeria’s Value Chain Development and Special Agro-Industrial Processing Zones Programs (SAPZ).” The event was part of the UN Food Systems Summit+2, which opened in Rome, Italy, on Monday, 24 July 2023.
Other panelists at the high-level panel discussion on innovative financing for food systems transformation in Nigeria included H.E. Senator Kashim Shettima, Vice President of the Federal Republic of Nigeria; H.E. Rev. Fr. Hyacinth Alia, Executive Governor of Benue State; Dr. Alvaro Lario, President of IFAD; Mrs. Hassatou N’Sele, Vice President of AfDB; Mr. Reji George, Vice-President of OLAM International; Mrs. Ejim Lovelyn, Vice President of Commodity; and Alliance Forum representing farmers.
During his intervention, the IsDB President congratulated the Nigerian Government for the new initiatives that are spearheading food systems transformation in the Federal Republic of Nigeria.
He also thanked the African Development Bank for taking the lead in designing the SAPZ, which, as he stated, is vital not only to Nigeria but also to other IsDB Group member countries in the region, as it is aligned with IsDB’s revised strategic priority and Nigeria’s National Development Plan (2021-2025). He also commended efforts by IFAD and other partners for joining the SPAZ program, which is directly benefiting Kano and Kwara States, as well as the Federal Capital Territory. “IsDB is proud to be part of this commendable initiative to support Nigeria’s inclusive and sustainable agro-industrial development,” Dr. Al Jasser stated.
He then asserted that IsDB is concerned about the impact of the recent conflicts on the food security of its member countries, including Nigeria. “To help member countries cope with this new challenge, the Bank rolled out, in July 2022, a Food Security Response Program (FSRP) worth US$ 10.50 billion,” said Dr. Al Jasser, asserting that Nigeria will be among the first countries to benefit from this program. “We have finalized the second phase of the National Program for Food Security Project, to be approved very soon for an estimated US$ 30.00 million, while discussions are ongoing with several other states, including Zamfara, Katsina, Yobe, and Lagos, for additional investments in the agriculture sector of Nigeria under the FSRP Program,” the IsDB president added.
Describing SAPZ as an ambitious yet efficient program, Dr. Al Jasser further expressed confidence that SAPZ will boost food production, reduce food price inflation, and transform the agriculture sector while assuring food security and creating jobs.
IsDB Group’s involvement in Nigeria has focused on various sectors, especially agriculture, which is a significant driver of growth and employment in IsDB member countries. Currently, the Bank has a rich pipeline of projects for Nigeria, and consultation is ongoing with the Federal Ministry of Finance, Budget, and National Planning for undertaking the IsDB Member Country Partnership Strategy for Nigeria in the near future.
