The International Fund for Agricultural Development (IFAD) will according to IFAD President Kanayo Nwanze infuse approximately N21 billion (140 million U.S.dollars) for small scale farming in Nigeria. Nwanze made his announcement during an interview with the State House Correspondents during a recent visit in Abuja.
IFAD, a specialized agency of the United Nations established in 1977, has financed nine programs and projects in Nigeria since 1985, with a total loan commitment of US$187.5 million. Nigeria enjoys 40 per cent of the financial resources that IFAD allocates to Western and Central Africa.
For Nigeria’s apparel textile industry, this technically should come as good news. A strengthened agricultural sector most likely could mean a boost in raw materials such as cotton supplied to the country’s textile/apparel industry.
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