THE Kogi State government has signed a total of $72million subsidiary loan agreement with the International Fund for Agricultural Development (IFAD) and World Bank.
The State’s Commissioner of Finance, Budget and Economic Planning, Mukadam Asiwaju Asiru Idris who signed the agreements on behalf of the government, said the World Bank and International Fund for Agricultural Development loans of $62m and $10m respectively are for Rural Roads, Agriculture Market and Value Chain Development.
He explained that 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.
According to him, The other component is Smaller productivity enhancement while the third programme is management and coordination.
“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 LGAs in the state.
“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,” he said.
The project is to be jointly funded by the World Bank, French Development Agency and the Government of Nigeria.