The World Bank says it has concluded plans to invest N144 billion ($900 million) to support the Nigerian Agricultural Transformation Action Plan (ATAP).
The Minister of Agriculture and Rural Development Dr. Akinwumi Adesina disclosed this in Abuja during a media briefing,
He said the support was an aftermath of a meeting with the senior directors of the World Bank at the just concluded Nigerian Agribusiness Investment forum in Washington DC.
A breakdown of the fund revealed that the apex bank would invest N80 billion ($500 million) to boost agriculture, while N64 billion ($400 million) would go into irrigation.
The bank will also support the country in four major crops namely, rice, cassava, sorghum and cocoa. In addition to this, the apex financial institution will assist in transforming the Nigerian Agricultural Institute, enabling it to conform with global standards.
He noted that the World Bank officials would be in the country in two weeks time to assess the situation before granting the facility adding that they would further support the country in the development of staple crop processing zones.
Lamenting that of the 300,000 tractors needed to enable farmers practice mechanised farming, only 20,000 is functional the minister added that to upgrade the number of tractors in the country, AGCO, the largest tractor manufacturer, has expressed their interest to set up a tractor assembly plants in Kaduna State to serve the north, and Rivers State to serve the south.
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