The World Bank has concluded plans to assist the Federal Government with $900 million grant to execute its agriculture transformation agenda (ATA) and water supply, to boost agriculture and industrial development in the country.
Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, disclosed this to journalists after his meeting with the World Bank officials in Abuja, and said $500 million of the grant was for ATA, while the remaining $400 million would go to water resources.
Adesina said: "The grant will cover the areas of the priority value chains. Mr. President has said that we must be self-sufficient in rice production by the year 2015. So rice is the most important commodity that we are working on, World Bank agreed with us on that and they will be providing significant amount of support to us".
He said the bank would also provide support for the cassava value chain programme, explaining that he had discussed in details with the delegation about the cassava value chain.
According to him, the decision to use cassava to replace some of the wheat flour being imported into the country was not a political decision, but an economic decision to enhance the growth of local industries and jobs creation for the populace.
His words: "The decision to use cassava to replace some of the wheat flour we are importing is not a political decision. It is an economic decision; economic in the sense that Nigeria used to spend N635 billion every year for the importation of wheat."
Adesina also informed that the World Bank was ready to assist Nigeria in maximising its cocoa production, pointing out that the country could beat Ivory Coast, Brazil, Ghana and Cameroon in the production of cocoa.
The minister said Nigeria had the variety that gives five times the yield of cocoa, adding that this informed the decision of the federal government through his ministry to distribute the cocoa hybrid to farmers for free.
He noted that most cocoa plantations in the country were old, stressing the need to introduce the hybrid ones that are faster in growth and produces quality harvests.
Adesina maintained that the country was ready to diversify its economy, create jobs and add value to its produces, saying the World Bank believe in these and have agreed to support the federal government's ATA.
The minister, who reiterated the commitment of the government to the Growth Enhancement Support (GES) scheme, explained that it was aimed at subsidising the cost of major agricultural inputs like fertiliser and seeds.
He revealed that he had earlier met with the World Bank delegation from Washington DC, led by Dr. Jamal Tajir, the Director, Sustainable and Development Department of the bank to discuss about the grant. According to him, the grant was as result of the five missions the World Bank sent to the country earlier in the year.