The Akwa Ibom State government has announced the establishment of a significant agricultural fund worth $90 million aimed at boosting the rural economy and transforming the agricultural landscape in the state. This initiative, which will provide crucial financial support to farmers and agribusinesses, is expected to spur growth in rural communities, create jobs, and enhance the state’s food security.
The Akwa Ibom State Governor, Udom Emmanuel, in a recent statement, highlighted the strategic importance of the fund in revitalizing the rural economy. "This $90 million agricultural fund will play a pivotal role in empowering our farmers, supporting agribusinesses, and providing new opportunities for rural communities to thrive," Governor Emmanuel said. "Our government is committed to ensuring that agriculture becomes a major driver of sustainable development, economic growth, and poverty reduction in the state."
The fund will focus on supporting smallholder farmers, promoting modern farming techniques, providing access to affordable credit, and building value chains that enhance the competitiveness of local products in both domestic and international markets. Key areas of investment include crop production, livestock farming, fisheries, and agro-processing industries.
The Governor emphasized that the fund is part of the state’s broader economic diversification strategy, reducing dependence on oil and gas while expanding the agricultural sector’s contribution to the state’s GDP. The initiative aligns with Akwa Ibom's vision to be a leading agricultural hub in Nigeria, capitalizing on its fertile lands and favorable climate conditions.