African Development Bank Plans 2.7 billion Dollar Budget as Agric Loans for Nigeria

Written by on March 5, 2024

President of the African Development Bank, Akinwumi Adesina, says the Board of the Bank has approved one hundred and thirty-four Million Dollars for Nigeria to implement an emergency food production plan.

According to him, talks are also ongoing for a 1.7 billion dollar economic and budget support loan as well as the launch of a 1billion agro-industrial processes in 28 states.

Adesina made these known during an interview with journalists in Lagos yesterday.

The development came amid a biting food shortage that has led to hunger protests in Nigerian states and most recently attacks on grain warehouses in Abuja, Ogun, Niger and Kaduna states.

Adesina said the Bank  had pledged to support Nigeria through this period, explaining that a number of agric initiatives should yield about five million metric tons of wheat, rice, cassava, maize this year for the country.

He expressed confidence that the development bank would work with Nigerian government to proffer solutions to the problems confronting Africa’s biggest economy.


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