World Bank To Offer $200m For FADAMA III Projects

The Minister of
Agriculture, Mr Audu Ogbeh said the World Bank would support FADAMA III Project in the country with 200 million dollars.
Ogbeh made this known at the official launching of FADAMA III Additional Financing Cassava Intervention Project in Awa Iman in Onna Local Government Area of Akwa Ibom State.
Represented by the Permanent Secretary, Federal Ministry of Agriculture, the minister Mr Peter Ajibade, said that the bank would support the project with the 200 million dollars fund injection for four value chains of cassava, rice, tomato and sorghum.
He added that “the Federal Government approached the bank for support and 200 million dollars credit was approved to support four value chains of cassava, rice, tomato and sorghum for six core states.
“We all know what is happening to our oil and the need to provide food for our teeming population.
“This decision was taken to open up the projects to other states that have potential in these value chains.”
The minister explained that more value chains would help to realise the objectives of providing food for the country, noting that “it is desired that this country will not only feed itself but will export to neighbouring nations.”
The National Project Coordinator, FADAMA III Additional Financing Project,  Mr Tayo Adewunmi, said “this project is a game changer in agricultural development.
“This is because, rather than the old system of subsistence agriculture or even supporting individual small holder farmers, additional financing is looking at the totality of agricultural commodity value chain.
“We are also looking at the issue of clusterisation of farmers. We currently look at agriculture as a business and that is why the funding instrument in Additional Financing has gone from local development to business plan.
“Right now, farmers are being given head start in agricultural business; they have the capacity to negotiate market and determine what prices their commodities will go for at the end of the day.
“It is no longer a situation where somebody who has big money out there will come and buy off these farmers and at the end of the day, they become losers.”
Adewunmi explained that the FADAMA III Additional Financing was initially meant for six states and Akwa Ibom was the seventh state to join.
“I want to let you know that Akwa Ibom is one of the earliest state to come on board among the new entrants into the Additional Financing when the door was opened.’’
He commended the Akwa Ibom Government for paying its counterpart fund for the project and described Governor  Udom Emmanuel as “a friend of the farmer.”