Banks to invest $78 million in Nigerian agricultural sector

A consortium of Nigerian banks is to inject over $78 million into the country's agricultural sector, a government official has said.

The consortium comprises the Islamic Development Bank, the Bank for Arab Economic Development in Africa (BAEDA) and the African Development Bank (ADB).

Dr. Salisu Ingawa, a director in the Federal Ministry of Agriculture and Water Resources, said the money would be used for the take-off of the second phase of the National Special Programme for Food Security (NSPFS).

He said the success recorded in the first phase made former President Olusegun Obasanjo to approve the second phase spanning another five years. “Because of the laudable achievements in the first phase, more than six donor agencies have signified their intention to be part of the project. “In the end, more than half of the funds will come from donor agencies. It is estimated to cost $364 million upon its completion,” Ingawa said.

The director added that the project sites would triple from 109 to 327 under the second phase, with each state having nine sites, while the Federal Capital Territory (FCT) would have three sites.

He explained that the project would support irrigation farming through the construction of micro earth dams, sinking of wells as well as sprinkler irrigation systems.

The Tribune