Kogi Govt Signs $72m Loan With IFAD, World Bank to Improve Local Economy

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Kogi state government has announced that it has signed two separate subsidiary loan agreements with World Bank and the International Fund for Agricultural Development (IFAD).

The loans, valued at $62 million and $10 million respectively, will boost over 500 kilometres of rural roads and agriculture development to fight food security in the state.

The state Commissioner of Finance, Budget and Economic Planning, Asiwaju Asiru Idris signed the subsidiary loan agreements on behalf of the Kogi State Government in Abuja on Thursday.

According to the chief press secretary to Governor Yahaya Bello, the loans are for rural roads, agriculture market and value chain development.

“The IFAD-assisted Value Chain Development Programme is an agricultural initiative aimed at reducing rural poverty, enhance food security among the poor households and promote economic growth on a sustainable basis. 

“The programme is essentially on the production, processing and marketing of rice and cassava in targeted local government areas in the state. 

“The programme is made up of three basic components which are: agricultural market development, to support value addition, market linkages and support to market infrastructure and to build a very strong agro business and value chain orientation to farmers in rural communities. 

“The other component is smaller productivity enhancement while the third programme is management and coordination.

“The World Bank loan for Rural Access and Agricultural Marketing Project (RAAMP) will upgrade over 500kilometres of rural roads, improve agro-logistics centres as well as enhance connectivity and access to local markets and agribusiness services in the state. The project is to be jointly funded by the World Bank, French Development Agency and the Government of Nigeria,” he explained.

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