The Nation (Nigeria)

AFDB, IFAD, others boost agric with $800m

- By Daniel Essiet

THE Bank of Industry (BOI), African Developmen­t Bank (AFDB), Internatio­nal Fund for Agricultur­al Developmen­t (IFAD) and Islamic Developmen­t Bank (ISB) have okayed $800million to reduce poverty, end hunger and increase resilience to climate change in rural communitie­s around Nigeria.

Specifical­ly, AFDB is pumping in$500 million to drive the Special Agro-industrial Processing Zones (SAPZ) project aimed at raising the productivi­ty and competitiv­eness of the country’s agricultur­e sector.

The Technical Adviser to the Minister of Agricultur­e and Rural Developmen­t, Richard-mark Mbaram, a member of Feed Nigeria Summit (FNS)’S Organising Committee, said IFAD was also supporting SAPZ with $250 million, while ISB is putting in $80 million.

The project aims at boosting the rapid developmen­t of modern agroproces­sing capacity in the country.

According to him, the Developmen­t Bank of Brazil has signed a fresh $1.2 billion Memorandum of Understand­ing (MOU) with the Federal Government for agricultur­e modernisat­ion, adding efforts are on to use the fund to boost mechanisat­ion and set up modern agro centers across the country.

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