Nigeria To Get $38million Loan For Agric Development  
 

10th Mar 2008

Nigeria's decision-making Federal Executive Council (FEC) has approved a total loan package of US$37.9 million for the development of the agriculture sector and poverty eradication in the country. The Rome-based International Fund for Agricultural Development (IFAD) will contribute US$27.78 million, representing 67.8 per cent of the total loan, as well as a total grant of US$386,800 towards the initiative.

 In addition, the Ford Foundation will provide a total grant of US$500,000, the federal government US$6.17 million (15 per cent of the loan), the participating institutions US$4.762 million and the beneficiaries (farmers) US$785,100. The interest-free loan, payable over 40 years, has a moratorium on payment of 10 years, but will attract a service charge of 0.75% of the amount outstanding. The loan is aimed at the execution of a programme that will grant rural farmers direct access to credit. Some 345,000 beneficiaries from 23 of the country's 36 states will benefit from the programme.

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