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Nigeria: FEC Approves $27.17m IFAD Loan
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This Day (Lagos)
6 March 2008
Posted to the web 6 March 2008
Juliana Taiwo
Abuja
The Federal Executive Council meeting, presided over by President Umaru Musa Yar'Adua, yesterday approved the $27.17 million International Fund for Agricultural Development (IFAD) loan, in support of the rural finance institution building programmes in Nigeria.
Briefing State House Correspondents after the meeting, Minister of Information and Communication, John Odey and his Water Resources and Agriculture counterpart, Dr Abba Ruma, said the approval is in line with government policy thrust of agricultural development, to ensure wealth and job creation, food security, poverty reduction and provision of raw materials for self-reliant industrialisation.
He said the aim is to establish linkages between the institutions and formal financing institutions, and create viable and sustainable rural financing institutions.
"The Federal Executive Council took a bold step in seeking collaboration with established financial world agencies, particularly IFAD, have secured a loan of $27.17 million for development and strengthening of micro finance institutions and to establish linkages between the institutions and formal financing institutions, with a view to creating viable and sustainable rural financing institutions.
"The ultimate goal is to develop rural financial services, to enhance accessibility of the rural population to these institutions and expand productivity of agriculture and micro rural enterprises, with a view to alleviating poverty by focusing on the rural poor, especially women and the physically challenged.," Odey said.
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