Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Agriculture

AfDB loans Nigeria $134 million for wheat production

William Ukpe by William Ukpe
August 5, 2022
in Agriculture
AfDB loans Nigeria $134 million for wheat production
Share on FacebookShare on TwitterShare on Linkedin

The Federal Government has announced it secured a $134 million loan from the African Development Bank to boost wheat production.

The Minister of Agriculture and Rural Development, Dr Muhammad Mahmoud, disclosed this in Abuja, on Thursday while speaking on the implementation of the presidential mandate given to the ministry.

According to the News Agency of Nigeria, Mahmoud blamed the Russian invasion of Ukraine for the acute scarcity of wheat.

RelatedPosts

Nigeria’s Securities and Exchange Commission, AfDB sign $460K capital market surveillance deal

AfDB’s DG says current financial sector portfolio in Nigeria hits $1.3bn

What the minister is saying

The minister revealed that with 250,000 farmers cultivating 250,000 hectares in the 2022 dry season, the initiative would raise wheat production to 750,000 metric tonnes.

  • He said the wheat would be cultivated in Jigawa, Kebbi, Kano, Bauchi, Katsina, Kaduna, Sokoto, Zamfara, Gombe, Plateau, Borno, and Yobe, Adamawa, and Taraba states.
  • He added that the Federal Government had deployed 5,000 agro rangers drawn from the Nigeria Civil Defence Corps to protect farmers facing security challenges.
  • The minister said that about 3.6 million indirect jobs had been created from the 2.4 billion dollars worth of externally-funded projects being implemented by the Buhari administration as 538 million dollars was approved for special agricultural processing zones to support inclusive and sustainable agricultural development in Nigeria.

“Another project worth 575 million dollars is being implemented to improve rural access and agricultural marketing in participating states,” he said.

News continues after this ad


  • He noted that FG is also strengthening the financing institutional base for effective development, maintenance and management of rural roads network. The participating states are Akwa Ibom, Bauchi, Kano, Katsina, Kogi, Kwara, Kebbi, Ogun, Ondo, Oyo, Plateau and Sokoto.
  • Mahmoud said the Value Chain Development Programme Additional Financing (VCDP) 2020-2024 is currently being implemented in nine states including Niger, Benue, Ogun, Ebonyi, Taraba and Anambra, Nasarawa, Kogi and Enugu “to scale up the achievement recorded in the original VCDP states’’.
  • On other government policies, he mentioned new climate policy called the Agro-Climatic Resilience in Semi-Arid Landscapes Project, a  700-million-dollars project, being implemented by three ministries; Environment, Agriculture, and Water Resources.

Mahmoud said government’s foresight in introducing measures to ward off the effects of COVID-19 and the Russia-Ukraine conflict had paid off, adding that despite global food challenges, Nigeria is significantly not experiencing a food crisis.

What you should know

  • Nairametrics reported earlier this year that the African Development Bank (AfDB) says the heat-tolerant wheat production technology being supported by the Bank in Nigeria, will help boost wheat production.
  • The AfDB stated that the goal would be to reduce the importation of the product by 40% by 2023, as the support would come under the Bank’s $1.5 billion Africa Emergency Food Production Facility.

Related

Tags: AfDBAfrica Development BankDr Muhammad Mahmoudwheat production

Comments 1

  1. Ilyasu Aliyu Gital says:
    August 8, 2022 at 11:48 pm

    Well done Dr Akinwumi I know you can do it I will submit myself to see to the success of this project at least in my home state Bauchi if not the country at large Congratulations Hon Minister(Agric)
    Congratulations

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Bitcoin on 5th day winning streak, hits highest level since June 13
    • Nigeria’s central bank, Africa Fintech Foundry to support 10 startups to boost eNaira adoption
    • How Tudu Energy is building solar home systems to power SMEs and households – CEO, Tuoyo Dudu

    Follow us on social media:

    Recent News

    Depegging sees Bitcoin hit $138,000 per token in UST

    Bitcoin on 5th day winning streak, hits highest level since June 13

    August 14, 2022
    Exclusive: Why CBN postponed the launch of eNaira

    Nigeria’s central bank, Africa Fintech Foundry to support 10 startups to boost eNaira adoption

    August 14, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com