IFAD Boosts Nigeria’s Agric Sector with N74bn
- By Henry Iortim
- Published February 8th, 2010
- News
- Unrated
THE International Fund for Agricultural Development (Ifad) has offered Nigeria the sum of $490 million about (N73.5 billion) to help boost agricultural production in the next seven years. BusinessWorld Intelligence can disclose Nigeria and Ifad are already working to support agriculture by fostering public-private partnerships and investing in research and development, as well as in infrastructure creation to increase agricultural production and productivity and to enhance market access.
Under the latest support, Ifad offered Nigeria $70 million per annum to boost agricultural activities in the rural areas for a period of seven years. With the conclusion of all formalities, the federal government, in collaboration with the international agency in Abuja last week, launched the initiative referred to as Rural Finance Institution Building Programme. Both the federal government and Ifad disclosed the programme will cover a total of 12 States in a period of seven years. The pilot states include, Bauchi, Katsina, Zamfara, Adamawa and Lagos. Others are Oyo, Edo, Akwa Ibom, Anambra, Imo, Nasarawa and Benue.
Sayyadi Abba Ruma, minister of agriculture and water resources, said project was conceptualised in collaboration with Ifad as part of a comprehensive approach and commitment to the actualisation of food security.
Ruma stated that other agencies of government such as the Central Bank of Nigeria (CBN), the National Poverty Eradication Programme (Napep), Nigerian Agricultural Cooperatives and Rural Development Bank (NACRDB) and the Federal Department of Cooperatives (FDC) were joint signatories to the loan agreement.
The minister also stated that the programme encapsulates the fundamental objective of strengthening microfinance institutions and establishing linkages between these institutions and the formal financial system in the pilot states. He further said the programme would ensure that agriculture occupies its rightful position at the grassroots level.
Ifad has consistently urged the Nigerian government to renew its commitment to agriculture as the step is an essential foundation for long-term poverty reduction and development.
Such step, according to the agency, is required to support farmers that are highly dependent on rain fed farming and lack access to inputs like fertilisers, quality seeds, technology, credit and markets noting that the move would facilitate the required scientific innovation to improve the local and traditional knowledge systems of farmers.
Under the latest support, Ifad offered Nigeria $70 million per annum to boost agricultural activities in the rural areas for a period of seven years. With the conclusion of all formalities, the federal government, in collaboration with the international agency in Abuja last week, launched the initiative referred to as Rural Finance Institution Building Programme. Both the federal government and Ifad disclosed the programme will cover a total of 12 States in a period of seven years. The pilot states include, Bauchi, Katsina, Zamfara, Adamawa and Lagos. Others are Oyo, Edo, Akwa Ibom, Anambra, Imo, Nasarawa and Benue.
Sayyadi Abba Ruma, minister of agriculture and water resources, said project was conceptualised in collaboration with Ifad as part of a comprehensive approach and commitment to the actualisation of food security.
Ruma stated that other agencies of government such as the Central Bank of Nigeria (CBN), the National Poverty Eradication Programme (Napep), Nigerian Agricultural Cooperatives and Rural Development Bank (NACRDB) and the Federal Department of Cooperatives (FDC) were joint signatories to the loan agreement.
The minister also stated that the programme encapsulates the fundamental objective of strengthening microfinance institutions and establishing linkages between these institutions and the formal financial system in the pilot states. He further said the programme would ensure that agriculture occupies its rightful position at the grassroots level.
Ifad has consistently urged the Nigerian government to renew its commitment to agriculture as the step is an essential foundation for long-term poverty reduction and development.
Such step, according to the agency, is required to support farmers that are highly dependent on rain fed farming and lack access to inputs like fertilisers, quality seeds, technology, credit and markets noting that the move would facilitate the required scientific innovation to improve the local and traditional knowledge systems of farmers.
