World Bank boosts Nigeria’s agriculture sector

Akinwumi Adesina World Economic ForumThe World Bank has issued US$858mn as part of a plan to develop Nigeria's agricultural sector. (Image source: World Economic Forum)The World Bank has enhanced Nigeria's agricultural development during the last two years by issuing nearly US$858mn to the sector, agriculture minister, Akinwumi Adesina has stated

Adesina made the comment while giving a talk at the All Nigerian Editors’ Conference, which was held in the capital of Nigeria's Delta State, Asaba.

Nearly $382.7mn of the total loan amount has been injected into irrigation schemes across Nigeria.

The African Development Bank (AfDB) has issued nearly $77.5bn to support the development of infrastructure around the staple crop processing zones in the country.

The International Fund for Agriculture Development has also provided an extra $190mn to support staple crop processing across the country.

The French Agency for Development for the construction of rural roads has issued another $200mn to support the Nigerian government’s market development efforts.

According to Adesina, in 2012 Nigerian banks loaned the country’s agriculture sector $382.7mn mainly for fertiliser and seed companies under the Growth Enhancement Scheme (GES). 

He said, "While this was lower than expected, the perceived high risk of lending by banks to the sector was proved to be exaggerated by the results obtained."

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