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Thursday, September 12, 2013

World Bank, ADB, IFAD boost agriculture with N200.3bn

Anthony Nwakaegho/NaijaAgroNet

The World Bank, International Fund for Agricultural Development (IFAD) and the African Development Bank (ADB) have approved $1.23 billion, about N200.3bn to boost food production in Nigeria, according to the Federal Minister of Agriculture and Rural Development (FMARD), Dr Akinwumi Adesina.

He disclosed this NaijaAgroNet in Abuja, during a press meeting on the activities of the ministry, saying that $900 million was approved by the World Bank, $250 million by ADB and $80 million by IFAD.   

He explained that the international community is rallying round government’s effort, saying that $500 million of $900 million obtained from the World Bank was meant for agriculture, while $400 million would support water and irrigation projects.

‘‘As you know, the World Bank has agreed to invest $900 million behind agricultural transformation in Nigeria, $500 million for agriculture and $400 million for water and irrigation. The International Fund for Agricultural Development (IFAD), their board has approved the release of $80 million to Nigeria to support the agricultural transformation going on in Nigeria. The African Development Bank is considering $250 million in support of the transformation agenda on agriculture,” he said.

He further disclosed that American billionaire and philanthropist, Bill Gates, has agreed to co-opt with the eminent persons group to advise President Goodluck Jonathan on matters concerning agriculture and health in the country.

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