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World Bank to Support FG’s Agricultural Transformation Agenda with $ 300 million

By on June 18, 2012

The World Bank has earmarked $ 300 million to support the Federal Government’s Agricultural Transformation Agenda (ATA) with $ 300 million.

Dr. Lucas Akapa, the leader of the Commercial Agriculture Development Project (CADP) Task Team disclosed this at the 6th Joint Federal Government of Nigeria/World Bank Mission in Lagos.

He said the fund wold be disbursed as such,, $ 150 million would be channeled into the Commercial Agriculture Development Project (CADP), and another $ 150 million would be sunk into the Fadama Development Project (FDP).

He said the Bank would assist the government in commercializing agriculture through efforts that would scale up production, bring in innovation, develop infrastructure, establish agricultural processing zones to increase productivity and at the same time create more jobs.

His words: “In doing that, there will be need for us to support the government and that means re-aligning this current operation to be in line with what the government’s transformation agenda seeks to achieve in the agricultural domain.
“So that we can have a critical source of resources to push and to see to it that we are able to re-align and redesign CADP and FADAMA to respond to the ATA of the federal government.
“So it is within that context that we saw the need for additional resources to be added to the project and definitely we are also looking at extending the time frame of the projects so that we can have sufficient time to do justice to the work.”