World Bank has approved $200 million loan to Nigeria to support the
government’s effort to boost small and mid-scale farmers.
In a statement issued by World bank on Friday
said the funds will help tackle low yields, lack of seed capital to set
up agro-factories, low-level adoption of technology and limited access
to markets.
‘Priority value chains will include products with potential for
immediate improvement of food security, products with a potential for
export and foreign currency earnings,’ the bank said in the statement.
According to the Bank, about 60,000 individuals will benefit directly
from the funding, of which 35 percent are women. About 300,000 farming
households will be affected indirectly.
However, Nigeria is aiming to achieve self-sufficiency in rice by 2018
and in wheat by 2019 or 2020. By the latter date, it also hopes to be a
net exporter of rice, cashew nuts, groundnuts, cassava, vegetable oil
and many others with the World Bank loan.