Friday, 24 August 2012

FG Secures 74.5 Million Dollars From IFAD

The Federal Government has secured another loan facility of $74.5 million from the International Fund for Agricultural Development (IFAD) to implement the value chain development programme for rice and cassava in six states in next six years.

The Co-ordinating minister of the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, explained that the beneficiaries of the loan were the Federal Government, states and local governments,adding that they will provide counterpart fund contributions to the tune of $31.2 million.

She disclosed that the loan has a 40-year repayment period and 10 years of grace, with a 0.5 per cent commitment charge and zero interest, stressing that this was a very good time for the country to benefit from this, especially to help create jobs in the agricultural sector.

In his remarks, the President of IFAD, Dr Kanayo Nwanze noted that agriculture contributes about 40 per of Nigeria ’s Gross Domestic Products (GDP).
IFAD has so far committed 157.3 million dollars as loan to Nigeria ,with Anambra, Ogun, Taraba, Benue, Ebonyi and Niger being the latest beneficiaries of the latest loan..

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