World Bank Disburses US$100 Million for Nigeria’s Agric Project

The World Bank official in Nigeria, Lucas Akata, said in Lagos that the bank would pay its US$100 million counterpart funding of the Commercial Agriculture Development Project (CADP) in Nigeria in September this year. Speaking at the CADP meeting in Lagos on Monday, Akata said the bank might even provide the fund before September if the pre-requisites expected for the take off of the project were met.

The Nigerian federal and state governments are expected to provide US$35 million within a period of four years for the project.

Akata noted that the objective of the meeting was to brainstorm on the readiness of CADP in Nigeria for the project.

“The project is aimed at strengthening the agricultural production system, provide marketing access facilities, increase farmers’ income and enhance export,” he added.

According to the World Bank official in Nigeria, the states of Lagos, Kaduna, Cross River, Enugu and Kano have been selected for the project based on their performance in the sector and their comparative advantages.

“The program would assist Lagos develop its aquaculture and poultry, Enugu its trees crops and day-old chicks, Cross-River its oil palm and cocoa, Kaduna its dairy and tree crops and Kano its diary and poultry,” Akata said.

He said the scheme would be extended to more states after the first phase.

Dr Ahmed Babandi, Task Team Leader (TTL) of the CADP, said that each of the five states would pay US$1.5 million annually for four years.

Babandi said that the trust of the monthly meeting was to remain in touch with all participating states to ensure adherence to the ambit of the project.

A representative of the farmers, Mrs Remi Olabanjo, however, urged the selected states to build rural roads to ease the evacuation of farm produce.

Source African Press Agency

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