Nigeria: World Bank agric aid hits $1.5bn

Follow 9News Nigeria On Social Media

Social sharing

The World Bank says the worth of its projects in the agriculture sector in Nigeria is 1.5 billion dollars.

The Senior Chief Agric. Economist of the organisation, Dr Adetunji Oredipe, made this known to newsmen at a live Video Conference to celebrate “End Poverty Day.’’

He said that in Africa, the bank’s strategy to ending extreme poverty and boosting prosperity was through investment in agriculture.

For this reason, he said, the bank dedicated 10 per cent of its total portfolio in Nigeria to Agriculture.

According to the breakdown, the World Bank has invested 495 million dollars in Irrigation, 450 million dollars in its FADAMA development project and 150 million on other Commercial Agriculture projects.

Oredipe said that the bank also has a 50 million dollars intervention fund for the resuscitation of the North East.

“The key message is that we are making progress towards our goals, but it is still a tough road ahead.

“Extreme poverty continues to decline, but remains unacceptably high.

“Our most recent flagship report pointed toward inequality as a persistent barrier to progress,” Oredipe said.

Meanwhile, the Vice President, Africa Region, World Bank, Mr Makhtar Diop, said a vibrant, sustainable and resilient agriculture sector was vital for sub-Saharan Africa’s economic future.

READ ALSO  BREAKING!!! Nigerian Police Hand Over Okuama Monarch Who Surrendered Himself Yesterday To Nigerian Army

He said that a study of the World Bank has shown that while productivity of African agriculture has grown, it still lags behind Asia and Latin America,

“Investments in rural public goods, combined with better policies and institutions drive agricultural productivity growth.

“The dividends from investments to strengthen markets, develop and disseminate improved technologies and expand irrigation can be enormous.

“Similarly, improvement of the policy environment through trade and regulatory policy complements spending by enhancing incentives for producers and innovators to take advantage of public goods, thereby crowding in private investment.

“Reforming the design and implementation of these subsidy programmes while prioritising government spending in favour of high-return core public goods and policies could produce significant gains,’’ he said.

Source: NAN

Leave your comment on this post

THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN

WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.

Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi

The economic crisis and hardship in Nigeria are parts of the discussion.

READ ALSO  Rivers State Govt Set To Clamp Down On Unregistered Poultry, Abattoirs, Others

Watch, leave your comments, and share to create more awareness on this issue.


#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com

Leave your comment

Click on the link below or Scan the QR Code to join the 9News Nigeria WhatsApp Channel

9News Nigeria Investigative Reports WhatsApp Channel
9News Nigeria Investigative Reports WhatsApp Channel
About Timothy Stephen 1104 Articles
9News Nigeria Global Breaking News Platform News from Nigeria News from Africa Nigerian News African News

Be the first to comment

Leave your comment