Plateau gets N3.38bn ADB loan

The Federal Executive Council yesterday approved a memo seeking an equivalent of N3.38bn African Development Bank loan for Plateau State to produce potatoes.

Finance Minister Kemi Adeosun told State House reporters after the FEC meeting that the state ought to contribute a N595 million counterpart fund.

The minister described the approval as an important economic development for the nation and the state, saying this would impact on 17 local government councils, especially on job creation.

She said: “My approval was on behalf of Plateau State to support the potato value chain. There is a loan that we had previously cancelled from ADB. So, it is not a new loan. We cancelled it and redirected the money to request on behalf of Plateau State Government to support the potato value chain.

“The rationale is that Plateau actually accounts for 95% of Nigeria’s potato production and from Plateau, potatoes are actually exported to Ghana, Niger, Chad and other countries and despite that, there are huge profit losses because there is no enough storage and there is so much more we can do with Plateau’s potatoes.

“So, ADB has come up with a comprehensive programme that will affect over 100,000 families. It is expected to create 60,000 jobs in a potato value chain, from processing, storage, replacement of current inputs and indeed, export. Now, the terms of the loan are 1% per annum interest rate and it has 25 years moratorium. Plateau State will provide counterpart funding and the balance will be borrowed.”