Nigeria Pledges $1.5m To IFAD

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Federal Government has pledged to donate $15 million to the International Fund for Agricultural Development (IFAD) towards replenishing the agency’s resources.

The Minister of Agriculture and Rural Development, Dr. Akinwurni Adesina, said this recently during the 35th session of the governing council ofIFAD in Rome.

The amount represents a 300 per cent increase above the regular $5 million that Nigeria normally gives to IFAD, a statement issued by Dr. Olukayo Oyeleye, the Special Assistant on Media and Strategy to the minister said.

“Nigeria’s economy is one of the fastest growing in the world, growing by 7.8 per cent annually, and it is projected that Nigeria will become the 5th largest country in the world by 2050, and the largest economy in Africa by 2015,” the minister said.

He said agriculture is very important for Nigeria, where it contributes 40 per cent of the GDP and over 70 per cent of all employment.

“We have articulated a clear vision to achieve a hunger-free Nigeria, through an agricultural sector that drives income growth, accelerates achievement of food and nutritional security, generates employment and transforms Nigeria into a leading player in global food markets, to grow wealth for millions of fanners,” he said.

He said that there is a plan to grow the size of the agricultural sector from the present level of $99 billion per year to about $300 billion per year by 2030.