World Bank to spend $200 million to boost Nigeria’s livestock industry
(Ecofin Agency) - World Bank will inject $200 million into Nigeria’s livestock sub-sector, revealed Adetunji Oredipe, World Bank’s FADAMA Team Leader. The facility will be dedicated to a project which aims to revive the sector and for which discussions with the government are ongoing.
According to the team leader, livestock production in Nigeria is faced with a feed quality issue. The $200 million investment falls under a reform programme entitled Livestock Micro Reform project. “Under the approach we are looking at financing, breeding and processing issues as well as industrial issues,”said Oredipe. In the framework of the project, the Bretton Woods institution has approved the disbursement of $25 million to revamp animal health sector.
World Bank’s move aligns with Nigeria’s strategy to diversify its economy into non-oil products, thus making it more resilient to a fall in oil prices. Agriculture’s contribution to the country’s GDP stands at about 20% as it derives two-third of its revenues from oil.