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FG Pledges $15 Million to IFAD, Plans to Increase Agric Output to $ 300 Billion

By on February 28, 2012

The Federal Government plans to boost the impact of agriculture on the Nigerian economy three-fold from the present $ 99 billion to $ 300 billion by the year 2030.

Minister of Agriculture and Rural Development, Akinwumi Adesina, made this known at the 35th session of the governing council of the International Fund for Agricultural Development (IFAD) held in Rome.

The Minister, who also pledged $15 million as contribution from Nigeria to IFAD in order to replenish the body’s financial resources, stated “Our vision is to move Nigeria to become an agriculturally industrialised economy, to create wealth, jobs and markets for farmers, and to revive the rural economy.”

“Nigeria’s economy is one of the fastest growing in the world, growing by 7.8 per cent annually, and it is projected that Nigeria will become the fifth largest country in the world by 2050 and the largest economy in Africa by 2015.

“Agriculture is very important for Nigeria, where it contributes 40 per cent of the GDP and over 70 per cent of all employment.”

Nigeria usually contributes $ 5 million to IFAD, and this recent $ 15 million pledge represents a three-fold increase.