The World Bank is prepared to inject $200 million into Nigeria’s agricultural sector.
World bank’s Fadama team leader, Adetunji Oredipe on Wednesday, said the fund is to revitalise the nation’s livestock sub-sector.
He said that the livestock sub-sector accounted for a sizeable part of Nigeria’s Gross Domestic Product (GDP), and still provides income, employment, food, farm energy, manure, fuel and transport.
Mr. Oredipe said that the funds would be disbursed through a World Bank regional project, as over $90 million had been approved for Nigeria.
“The initial $25 million has been approved by the bank, and the project will take off as soon as the Federal government sorts out the issue with the National Assembly, he said.’’
The bank’s intervention will give special attention to productivity.
“Productivity depends on a number of factors as it concerns the feeds which are very critical; the major problem of livestock production in the country is the dearth of high-quality animal feeds, as the feeds determine what you get from your livestock.
“World Bank is also looking at critical health aspects of the livestock industry, the veterinary aspects, as we are merging it with the surveillance.”
Speaking further, Mr. Oredipe said that the World Bank had approved $25 million to revamp the animal health sector.
He said World Bank’s focus on the livestock sub-sector was due to President Muhammadu Buhari’s plan.
“The administration made it clear that they want the bank to critically look into the livestock sector because not much is going on in that sector.”
The FADAMA boss also noted that the livestock sub-sector was a major source of government revenue in the past, and the government was putting efforts in place to put it in good shape.