Nigeria receives 185 million Naira from Islamic Development Bank to support textile and agriculture sectors

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Nigeria secured a technical assistance from the Islamic Development Bank (ISDB), which signed a pact with the West African country during the 44th ISDB Group Annual meeting to provide 185.95 million naira ($523,823).

Nigeria’s Finance Minister, Zainab Ahmed, who represented the country at the event, informed attendees that effort to boost agriculture and food production is ongoing in states across Nigeria.

Ahmed said “state governments in Nigeria are adopting cluster farming which has eased access to funds by farmers, increased growth and allows access to facilities without collateral”. During the grant signing off, Ahmed signed the agreement on behalf of Nigeria while the President of ISDB, Dr. Bandar Hajjar signed on behalf of the bank.

The credit will be disbursed to support the textile industry, as well as the agriculture sector. Ahmed stated that the sectors have benefitted from cheap loan made available to farmers by the Federal Government of Nigeria. The grant would be used for the improvement of cotton, textile, and garment value chain in the Federal Ministry of Industry, Trade and Investment.

Another beneficiary of the grant would be the Hajj commission, as the country intends to address capacity building, acquisition of equipment, and logistics upgrade in the Hajj Commission.

Ahmed said $243,823 from the grant will be given to the National Hajj Commission of Nigeria, while $280,000 will be disbursed to the Federal Ministry of Industry, Trade and Investment.

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