8 March 2018

Nigeria: IFC Helps Boost Agribusiness in Nigeria

press release

Abuja, Nigeria — IFC, a member of the World Bank Group, has signed a cooperation agreement with the Government of Nigeria to implement a $2 million initiative targeting regulatory and institutional reforms that will strengthen Nigeria's agribusiness sector, creating jobs and economic growth.

Nigeria is one of three African countries (along with Ethiopia and Tanzania) to benefit from the World Bank Group's Livestock and Micro Reforms in Agribusiness (L-MIRA) program, whose overarching objective is to improve competitiveness of the dairy and poultry sectors.

Alejandro Alvarez de la Campa, Practice Manager for the World Bank Group's Finance, Competitiveness, and Innovation global practice, said: "Dairy and poultry are important livestock sectors that contribute significantly to agribusiness, a key growth sector in Nigeria. By introducing harmonized and simplified regulations related to animal feed, drugs and vaccines, this initiative will help spur socio-economic development in the country."

The World Bank Group's Nigeria project will streamline the regulation of animal feed to remove overlapping or redundant regulatory requirements related to the standards and quality control mechanism, as well as the registration and renewal process for drugs and vaccines. The project will also support reforms to better and more efficiently regulate animal feed in markets, and coordinate government agencies involved in regulating animal feed.

The four-year initiative is funded by the Bill & Melinda Gates Foundation and was endorsed by key national partners, including Nigeria's Federal Ministry of Agriculture and Rural Development, the National Agency for Food and Drugs Administration and Control, the Standards Organization of Nigeria and the Nigerian Institute of Animal Science.

SOURCE International Finance Corporation (IFC)

Nigeria

Presidential Poll - 16 Parties Now in Merger Talks

Lagos cleric and newly elected presidential candidate of Better Nigeria Progressive Party (BNPP), Rev. David Esosa… Read more »

See What Everyone is Watching

Copyright © 2018 PR Newswire. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 600 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.