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November 19, 2008

Nigeria to spend $880 million on commercial agriculture

The Federal Government of Nigeria has approved the release of N104 billion ($880 million) for the Commercial Agricultural Development Programme (CADP), leader of the project, Dr. Aminu Babandi, has disclosed. Babandi said the World Bank has also approved N180 billion for the project.

He said the five participating states namely Kano, Kaduna, Cross River, Enugu and Lagos have already contributed N20 million each as supporting funds to the project, saying the aim of the project was to diversify from subsistence to commercial farming. From 2005 to 2007 alone, according to him, Nigeria spent over three billion dollars on the importation of wheat, rice and sugar.

Speaking also at the occasion, World Bank Task Team leader, Dr. Lucas Akapo, said the World Bank was ready to assist Nigeria in its diversification efforts to non oil sector.Delivering his speech at the event, Kano State commissioner of Agriculture, Alhaji Musa Sulaiman Shanono, said the state government expended N3billion on agriculture.

The commissioner said the state government would soon release its counterpart fund to the state Agricultural Resources Development Agency (KNARDA) for the smooth implementation of the CADP project.

Daily Trust

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