Buhari praises AfDB and others for a $538 million agricultural initiative in Nigeria

President Muhammadu Buhari thanked the International Fund for Agricultural Development, the Islamic Development Bank, and the African Development Bank on Wednesday in Senegal for giving $538.05 million for the first phase of the Nigerian Special Agro-Industrial Processing Zones initiative.

According to Osanbjonews24, Mr. Femi Adesina, the president’s special adviser for media and publicity, said this in a statement on Wednesday.

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In his address at the Feed Africa Summit of Heads of State and Government, Buhari urged governments to allocate at least 10% of their national agricultural budgets, as agreed upon in the Malabo Declaration of the African Heads of State and Government.

Nations should try to reduce loan risks, he added.

He said, “I am pleased with the multilateral financing institutions’ partnership method used for Nigeria, with the African Development Bank providing $210 million, the Islamic Development Bank, and the International Fund for Agricultural Development providing $310 million, and the Government of Nigeria providing $18.05 million.”