business
AfDB approves loan of US$134 million to increase food production in Nigeria
The African Development Bank (AfDB) has accepted a 134-million-dollar loan for Nigeria’s National Agriculture Growth Scheme — Agro Pocket program to boost food production and livelihood resilience.
According to a statement obtained by Xinhua on Monday, the program will help accelerate the implementation of key policy and institutional reforms, as well as increase private sector participation in agriculture.
According to the statement, “inadequate support for farmers has confined them to traditional agronomic techniques, resulting in low productivity and limited opportunities for value addition.”
The scheme will accelerate average yields from 1.42 tonnes to 2 tonnes per acre from September 2022 to December 2023, increasing cereal production.
The initiative supports Nigeria’s attempts to lessen the effects of the situation in Ukraine, which has increased the cost of imported food in Africa, and is in line with the bank’s African Emergency Food Production Facility.
The initiative would emphasize support for five important crops: maize, rice, wheat, soya beans, and sorghum, with a focus on wheat value chains, according to Lamin Barrow, director general of the bank’s Nigeria national department.
Read the original article on Newsghana.
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