On behalf of the Kogi State Government, the Kogi State Commissioner for Economy, Budget and Economic Planning, Asiwaju Idris, concluded two separate subsidiary loan agreements yesterday in Abuja with the International Fund for Agricultural Development (IFAD) and the World Bank.
The project is to be funded jointly by the World Bank, the Agency for French Development, and the Government of Nigeria.
The $62 million and $10 million loans from the World Bank and the International Fund for Agricultural Development, respectively signed by the Kogi State Government, are for rural highways, the agricultural sector, and the development of the supply chain.
The Supply Chain Development Programme, funded by IFAD, is an agricultural project aimed at reducing rural poverty, enhancing food security for poor households, and fostering sustainable economic growth.
The program is essentially concerned with the cultivation, processing, and marketing of rice and cassava in the state’s targeted LGAs.
The program consists of three essential components: the growth of the agricultural industry, the promotion of added value, market linkages and the creation of market infrastructure, and the building of a very large agricultural sector and the orientation of the value chain for farmers in rural communities.
The other aspect is lower productivity growth, while management and teamwork are the third programs.
The Rural Access and Agricultural Marketing Project (RAAMP) World Bank loan will upgrade over 500 kilometers of rural highways, boost agro-logistics centers, and improve connectivity and access to local markets and state agro-business facilities.