The World Bank has approved $200 million loan
to Nigeria to support the government’s effort to
boost small and mid-scale farmers.
A statement issued by World bank on Friday
said the funds will help tackle low yields, lack of
seed capital to set up agro-factories, low-level
adoption of technology and limited access to
markets.
'Priority value chains will include
products with potential for immediate
improvement of food security, products
with a potential for export and foreign
currency earnings,' the bank said in the
statement.
According to the Bank, about 60,000 individuals
will benefit directly from the funding, of which 35
percent are women. About 300,000 farming
households will be affected indirectly.
However, Nigeria is aiming to achieve self-
sufficiency in rice by 2018 and in wheat by 2019
or 2020. By the latter date, it also hopes to be a
net exporter of rice, cashew nuts, groundnuts,
cassava, vegetable oil and many others with the
World Bank loan.