The Coordinator of Technologies for African Agricultural Transformation (TAAT) project, Krishan Bheenick has disclosed that Nigeria is among other African countries that have been programmed to benefit from a $120 million African Development Bank (AfDB) TAAT agricultural support cash.
Bheenick made this known during a Capacity Development and Technology Outreach programme organised by the Forum for Agricultural Research in Africa (FARA) in partnership with the AfDB and TAAT in Abuja.
According to Bheenick, the seed fund which will be made available in tranches of $40,000, is meant to support 40,000 farmers in Africa including Nigeria’s seven major agricultural commodities listed to benefit in the intervention.
The Coordinator stressed that AfDB is planning to mobilise a total of $800 million to implement the project across the three years of execution.
Nairametrics had reported that Nigeria and other African countries’ economies were about to receive a boost, as the Board of Directors of the AfDB approved an equity investment of $40 million for African economies.
In a statement made available to the public, the AfDB revealed that the $40 million investment would be ploughed in the African Infrastructure Investment Fund, with a focus on acquiring positions of significant influence in roads, airports, rail links, bridges, ports, logistics, power generation, utility distribution, as well as telecommunications assets.
The African Development Bank Group or Banque Africaine de Développement is a multilateral development finance institution. The AfDB comprises three entities: The African Development Bank, the African Development Fund, and the Nigeria Trust Fund.
The institution’s mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs that are likely to contribute to the economic and social development of the region.