World Bank of Nigeria to inject $200 million into the Nigeria's agricultural sector

World Bank of Nigeria to inject $200 million into the Nigeria's agricultural sector

- The money is meant to revitalise the livestock sub-sector of agriculture in Nigeria

- The bank would revive the livestock sub-sector with critical intervention in the areas of productivity and access to markets

The World Bank is set to inject $200 million into Nigeria's agricultural sector to revive the livestock sub-sector in the areas of productivity and access to market.

The team leader of FADAMA, Dr Adetunji Oredipe, on Wednesday, April 19 said the bank will walk with the federal government of Nigeria to ensure the intervention policy.

Oredipe said that the bank would work to revive the livestock sub-sector with critical intervention in the areas of productivity and access to markets.

Oredipe said: “Productivity depends on a number of factors as it concerns the feeds which are very critical; the major problem of livestock production in the country is dearth of high-quality animal feeds, as the feeds determine what you get from your livestock.

“World Bank is also looking at critical health aspects of the livestock industry, the veterinary aspects, as we are merging it with the surveillance.

“The initial $25m has been approved by the bank, and the project will take off as soon as the Federal government sorts out the issue with the National Assembly.

"The bank, under its value chains approach programme, has selected four value chains in crops and extended it to cover livestock, while developing it from the beginning to the end.

“Under the approach, we are looking at financing, breeding and processing issues as well as the industrial uses; so when you pick one you follow it till it becomes a success story."

He said that the World Bank’s focus on the livestock sub-sector was based on the request of President Muhammadu Buhari’s administration.

“The administration made it clear that they want the bank to critically look into the livestock sector because not much is going on in that sector."

He said that the livestock sub-sector accounted for a sizeable part of Nigeria’s Gross Domestic Product providing income, employment, food, farm energy, manure, fuel and transport.

Meanwhile, a World Bank consultant, Olu Ajakaiye, has said President Muhammadu Buhari-led government and subsequent Nigerian governments must develop the country, even if it means stealing from other countries.

Ajakaiye, who is the president of Nigeria economic society made the statement on Tuesday, April 11, during his keynote address at the 2017 edition of “The Bullion Lecture" organised by the centre for financial journalism.