$300 million to be spent on improving the value chain
In order to ensure the successful actualisation of the Federal Government’s Agricultural Transformation Agenda, the World Bank has injected the sum of $500 million into the sector.
The Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, disclosed this after a closed door meeting with the World Bank officials in Abuja.
He said $300 million would be spent on improving the value chain while the balance $200 million would be for general budget support.
The minister said his ministry was currently working on how to improve cassava production in the country, and they will commence exporting one million MT of cassava chips to china in July. A transaction he said would yield the sum of $136 million to farmers in Nigeria.
Adesina noted that the ministry was doing its best in making sure they produce high quality cassava flour to replace wheat flour, a move he said will save the country an estimated N254 billion yearly, and ensure job creation.
He said the World Bank would also assist the country with commercial agricultural programmes, which would also create more jobs.
Adesina further stated that the ministry was also working with the Ministry of Water Resources for water management and micro-irrigation, as well as the Nigeria Agriculture Insurance Company in order to provide insurance to the farmers.
He urged the private sector to come to the Staple Crop Processing Zones in order to add value to the value chains.
