World Bank To Invest $900m In Agric Sector

The Minister of Agriculture and Rural Development, Dr. Akinwumi has disclosed that the world Bank will support the nation’s Agricultural transformation Agenda with the sum of $900 million, especially on four major crops, rice, cassava sorghum and cocoa.

The minister, who was briefing newsmen recently in Abuja on the just concluded “Agribusiness Investment Forum” held in Washington, USA which was organised by the Nigerian Embassy in the US and Corporate Council on Africa, also assumed that the World Bank also promised to help Nigeria get support from Brazil to transform its research and development system in order to grow the economy through agriculture.

He explained that some US companies were keen in investing in Nigeria’s agricultural sector in line with President Jonathan’s determination to promote private sector investment in Nigeria to drive the economy.

Dr. Adesina said the US strongly supported the nation’s agricultural transformation agenda and other efforts in diversifying the economy and acknowledged successes recorded so far by the present administration.

He said the development has sent positive responses from foreign countries, adding that one of the largest manufacturers of tractors, AGCO will soon meet the country’s tractor needs by establishing two tractor assembly plants and subsequently move to manufacturing in the near future.

“This will lower the cost of tractors, speed up mechanisation and make agriculture more attractive while creating jobs”, he assured.

He further revealed that a major US firm, Cargill has expressed interest in buying one of the largest quality cassava plants and another company was equally interested in investing 25,000 hectares of rice in Sokoto, using Rima Irrigation Scheme.

He said delegates to the meeting which was led by Vice President Namadi Sambo met with senior directors of the World Bank who he said, were excited about the agriculture transformation plan by Nigeria.