FG Secures $152 Million ADB Loan To Boost Agriculture And Create Agro-Allied Jobs

The Federal Executive Council (FEC), on Wednesday, approved a $152.12 million loan and a grant of $385,000 from the Africa Development Bank (ADB) to boost agricultural investment and create more agro-allied jobs in the country.
Minister of Agriculture, Akinwumi Adesina, explained that the ADB loan will specifically assist the Federal Government to create Staple Crops Processing Zones in seven states within which 27 local councils will be covered.
The Minister said“As a government, we are determined to do import substitution by making sure that all what we are producing, rice, cassava, maize, soya beans and others, are processed in the zones of high production.
“The Staple Crop Processing Zone is an area of high production to which we are putting in the enabling environment to attract private sector food processing companies to come in to and process and add value to our commodities.
“It is a big game changer for agriculture and the ADB and the World Bank are so excited about it that they have asked other African countries to copy Nigeria.
“Infrastructure is very important for the private sector, they need power, water, roads and rail for transportation and you can not invest that everywhere because it is expensive to do”, explained Adesina.