Nigeria to benefit from a $200 million African Development Bank loan

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Nigeria is among other African countries that have been selected to benefit from a $200 million agricultural loan from the African Development Bank (AfDB) Technologies for African Agricultural Transformation (TAAT) project.

Krishan Bheenick, the Coordinator of TAAT project, disclosed this during a capacity development and technology outreach program organised by the forum for Agricultural Research in Africa (FARA) in partnership with the AfDB and TAAT in Abuja.

Bheenick said the fund, which is meant to support 40,000 farmers in Africa including Nigeria’s seven major agricultural commodities listed to benefit in the intervention, will be made available in tranches of $40,000. He said AfDB is planning to mobilise a total of $800 million to implement the project across the three years of execution.

The project coordinator said the attention should not be on the fund, but the expected impact it would make on the grassroot farmers across the value-chain.

According to Bheenick, “it is $120 million in total. It’s in three ways of funding of $40 million each time. The current span of the project is between 2018 and 2021, so it’s about four years for the seed money for investment. The bank itself is first of all expecting the countries to invest money either they get it through a grant or loan and also other donors and international agencies can join the programme”.

 

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