AfDB Earmarks N34.5billion for Nigeria’s Agricultural Sector Development.

The African Development Bank, AfDB, has disclosed that it marked down $175 million, about N34.5 billion to improve Nigeria’s agricultural sector. AfDB Country Director, Ousmane Dore, who made this known when he visited some Northern governors in Kaduna, said the initiative was part of the Bank’s intervention strategy to boost the all-important sector in the country. Dore said, the Agricultural Transformation Agenda Support Programme, ATASP-I, of $175 million would consolidate the AfDB’s investments in the country’s agricultural sector Under this scheme, the bank will establish four Staple Crops Processing Zones, SCPZs, to cover four, out of the seven northwest states of Kebbi, Sokoto, Kano and Jigawa. He listed two upcoming projects in the country, totaling $500 million to include a youth programme, otherwise known as ENABLE, meaning Empowering Novel Agri-Business-Led Employment, which would gulp $300 million as well as the Phase II of the ATASP-$200 million. The Country Director said these projects are in addition to the Bank’s financial supports to SMEs through lines of credit to several commercial banks as well as the Bank of Industry, BOI and NEXIM. Culled from BizWatchNigeria.