Economy

Kogi Govt. Signs Agreement to Boost Local Economy

Kogi State Government has signed two loan agreements with the International Fund for Agricultural Development (IFAD) and World Bank. 

State Commissioner for Finance, Budget and Economic Planning, Mukadam Asiru Idris signed the two loan agreements on behalf of the state government yesterday in Abuja

The World Bank loan of Sixty Two Million Dollars and International Fund for Agricultural Development loan of Ten Million Dollars was for Rural Roads, Agriculture Market and Value Chain Development

IFAD Assisted Value Chain Development Programme is an agricultural initiative aimed at reducing rural poverty, enhance food security among the poor households and promote economic growth on a sustainable basis. 

The programme is essentially on the production, processing and marketing of rice and cassava in targeted LGAs in the state, made up of three basic components which are: Agricultural Market development, to support value addition, market linkages and support to market infrastructure and to build a very strong agro business and value chain orientation to farmers in rural communities. 

Other component is smaller productivity enhancement while the third programme is management and coordination.

The World Bank loan for Rural Access and Agricultural Marketing Project (RAAMP) will upgrade over 500kilometres of rural roads, improve agro-logistics centres as well as enhance connectivity and access to local markets and agribusiness services in the State.

The project is to be jointly funded by the World Bank, French Development Agency and the Government of Nigeria.

Olaolu Fawole

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