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AFDB APPROVES 800 MLN USD TO SUPPORT NIGERIA’S AGRICULTURAL SECTOR

The African Development Bank (AfDB) has resolved to launch an 800 million US dollar scheme to support the agriculture sector in Nigeria, says its Pesident, Dr. Akinwumi Adesina.

He announced here Monday that the support was for the platform of the AfDB’s initiative called Technology for African Agriculture Transformation (TAAT), which forms part of the efforts to encourage technological innovation in the sector.

Speaking at the opening of the African Economic Conference (ACE), organized by the Bank in partnership with the United Nations Development Programme (UNDP), he said the scheme when implemented would reach 40 million farmers in one year.

He added that another 24 million USD would be used to support Nigeria’s agricultural sector to fight hunger and post-harvest loses.

He said the TAAT initiative has a goal of reaching more than 40 million farmers in 10 years. “We must equally reduce the food system losses along the value-chain from the farm, transport, storage, processing and marketing,” he added.

The AfDB president called for a rapid and inclusive bottom-up approach to addressing challenges facing the agriculture sector. He identified poor infrastructure and access to finance as major challenges, stressing that it became imperative to develop the Staple Crops Processing Zones (SCPZ).

Adesina added that the TAAT initiative would also reduce post-harvest losses.

Source: NAM NEWS NETWORK