Nigeria: Infrastructure plan receives funding boost from World Bank
8 July 2012
The Nigerian government's plan to enhance agriculture and industrial development has been given a significant boost, with the Wolrd Bank agreeing to assist the move with a $900 million grant.
Dr Akinwumi Adesina, the minister for agriculture and rural development, confirmed the news to a group of reporters shortly after concluding a meeting with officials from the World Bank in Abuja.
It has been revealed that some $500 million is to be used for the purpose of the agriculture transformation agenda. The remaining $400 million will be used to improve water resources throughout the west African state.
"The grant will cover the areas of the priority value chains. Mr President has said that we must be self-sufficient in rice production by the year 2015," he explained to local news provider This Day.
"So rice is the most important commodity that we are working on, World Bank agreed with us on that and they will be providing significant amount of support to us."