The Nation (Nigeria)
AFDB, IFAD, others boost agric with $800m
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.