World Bank Distributes $39m to Nigerian Farmers, Begins Implementation Support for Agriculture

World Bank Distributes $39m to Nigerian Farmers, Begins Implementation Support for Agriculture

The World Bank over the weekend stated that it has so far disbursed the sum of $39m for the third National Fadama Development Project Additional Financing (AF) as part of efforts to support the federal government’s agriculture and revenue diversification drive.

The World Bank in a statement signed by its Task Team Leader, Dr Adetunji Oredipe, said it also commenced its Fadama Implementation Support Mission over the weekend, across 8 states in the country and in conjunction with the federal ministries of finance and agriculture.

The Nation reports that the board of the World Bank had in June 2014 approved an additional credit of $200 million to assist the Nigerian government to scale up impacts of agricultural policies on ground and ensure the effectiveness of the third National Fadama Development Project by aligning it more closely with the Government’s agricultural programs.

The additional financing is being channelled towards supporting farmers in 6 selected states with comparative advantage and high potential to increase production and productivity of cassava, rice, sorghum and horticulture. The fund will also enable the facilitation of a better value chain and link farmers to more organised markets.

As of January 2016, about 930 business plans were said to have been prepared across the 6 selected states, out of which 424 business plans were approved. Funds were subsequently disbursed to such businesses.

According to the World Bank, the business plans covered 5,088 hectares of farms across the four value chains across the selected states. Also, harvesting of rice cultivated during the rainy season is said to have been completed in Kano, Lagos, Niger and Enugu states while cassava has been harvested in Kogi State.