Economics

Nigeria: N32b loan for FADAMA projects

The Federal Government has approved a $200 million (N32 billion) credit from the International Development Association (IDA) for additional financing of the Third National Fadama Development project.

The Minister of State for Finance YerimaNgama said the loan is aimed at improving on the achievements recorded under the previous phases of the Fadama projects.

 He said: “The Project Development Objective (PDO) for the additional financing is consistent with the ongoing Fadama 111 project, which is to increase the incomes for users of rural lands and water resources within the Fadama areas in a sustainable manner.

”The proposed additional financing will scale up the project’s achievements and strengthen the development effectiveness of the highly performing Fadama 111 by aligning it more closely with the Agricultural Transformation Agenda (ATA) of the present administration. Council approved that the CME/ MFN execute the financing agreement and also directed the Attorney General of the Federation and Minister of Justice to issue the legal opinion required to render the loan effective.”

Also, the Minister of Agriculture AkinwunmiAdesina said six states, including Lagos, Niger, Anambra, Enugu, Kano and Kogi will benefit from the project, while it will reach 317,000 farmers and impact on 1.7 million beneficiaries.

He said: “It is important for us to optimise the 24,000 million hectares of Fadama land across the country. The evaluation of the project itself by the World Bank showed that the beneficiary income under Fadama II project has increased by 20 per cent. Forty-Seven per cent of the farmers that were involved in the Fadama project have also been able to increase their incomes by about 40 per cent. All the states that are participating in Fadama project have all paid their counterpart funding.

”The crops we are focusing on are very critical for Nigeria for reducing our import dependency and also for creating jobs. Those crops are rice, cassava, sorghum and horticulture. There are six states that will benefit from this particular facility.

”For rice, the states will include Lagos, Niger, Anambra, Enugu and Kano. For sorghum, it will be Kano state and for horticulture we are focusing big time on Kano State. For cassava, it is Kogi State. What is unique about this project is the number of farmers it will reach. This project will reach 317,000 farmers and will impact on 1.7 million beneficiaries. So it is a programme that will have scale of impacts.

Anthony-Claret Onwutalobi
Anthony-Claret Onwutalobi
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC and CEO of Portia Web Solutions. Mr. Claret publishes and manages the content on Codewit Word News website and associated websits. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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