The World Bank has approved $200 million loan to Nigeria to support the government’s effort to boost small and mid-scale farmers.
A statement issued by World bank on Friday said the funds will help tackle low yields, lack of seed capital to set up agro-factories, low-level adoption of technology and limited access to markets.
'Priority value chains will include products with potential for immediate improvement of food security, products with a potential for export and foreign currency earnings,' the bank said in the statement.
According to the Bank, about 60,000 individuals will benefit directly from the funding, of which 35 percent are women. About 300,000 farming households will be affected indirectly.
However, Nigeria is aiming to achieve self-sufficiency in rice by 2018 and in wheat by 2019 or 2020. By the latter date, it also hopes to be a net exporter of rice, cashew nuts, groundnuts, cassava, vegetable oil and many others with the World Bank loan.
10 comments:
They have approved the loan to boost some politicians pockets. One criminal will confiscate this money now and put us in another gbese.... Agriculture ko, agriculture nii. Just another stupid debt we've gotten ourselves into.
I hope poultry farmers like me will benefit from this.
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Welcomed development. I hope it is judiciously utilised.
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The lack of money is the root of al evil
(Argue with your ancestors)
Nice
... Merited happiness
GOOD TO SEE
AUNTY LINDA 👩
Thank God and hope it'll help reduce hunger... dee
Won shey! Thank you!
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The 'oles' in govt will share it and die the money oo, they won't use it for any agriculture. No be Naija?
hmm
-D great anonymous now as Vivian Reginalds
The earlier we realize the need to go back to agriculture as a Nation, the better for us all and our unborn children. God bless Nigeria.
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