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World Bank lends Nigeria N48bn for agric development

A statement signed by the communication associate, Africa Region of IDA, Bamidele Oladokun, said the first credit of $100 million amounting to about N16 billion will fund the Nigeria Agriculture Sector Development Policy Operation while the second IDA credit of $200 million about N32 billion will fund the third National Fadama project (Fadama III) aimed at supporting small holder clusters of farmers organized in six states.
The statement quoted the Country Representative of the World Bank in Nigeria, Marie- Francoise Marie-Nelly as saying: “Nigeria has an enormous opportunity to promote a vibrant, competitive and technology-propelled agricultural sector, which today employs 70 percent of the population.
“This new project focuses on providing opportunity to Nigeria’s growing ranks of agribusiness entrepreneurs in a way that will generate higher incomes for farmers while also enhancing expansion in the industrial sector, ensuring food security and enhancing foreign exchange earnings,” the representative said.
The World Bank Director of Sustainable Development for the Africa Region, Jamal Saghir, was also quoted in the statement as saying: “The Fadama Development Project is an innovative approach to leverage private sector investments and to establish business linkages between large investors and smallholder farmers. It will assist the Nigerian government in its efforts to expand employment, raise household incomes and enhance skills and capacity.”

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