World Bank approves $200 million loan to boost agriculture in Nigeria

World Bank approves $200 million loan to boost agriculture in Nigeria

The World Bank has approved $200 million loan to Nigeria to support the government’s effort to boost small and mid-scale farmers.

A statement issued by World bank on Friday said the funds will help tackle low yields, lack of seed capital to set up agro-factories, low-level adoption of technology and limited access to markets.

'Priority value chains will include products with potential for immediate improvement of food security, products with a potential for export and foreign currency earnings,'  the bank said in the statement.

According to the Bank, about 60,000 individuals will benefit directly from the funding, of which 35 percent are women. About 300,000 farming households will be affected indirectly.

However, Nigeria is aiming to achieve self-sufficiency in rice by 2018 and in wheat by 2019 or 2020. By the latter date, it also hopes to be a net exporter of rice, cashew nuts, groundnuts, cassava, vegetable oil and many others with the World Bank loan.