FG Gets IDB’s $523.8m Grant

BY EDMOND ODOK, ABUJA – The Federal Government has obtained a $532.8 million grant from the Islamic Development Bank (IDB) for capacity building in specific areas and agricultural promotion in the country. 

The Minister of Finance, Mrs Zainab Ahmed, sealed the agreement for the grant that covers Technical Assistance, with the ISDB Group, in Marrakesh, Morocco on Monday.

Special Adviser to the Minister of Finance on Media and Communications, Mr Paul Ella Abechi, said in Abuja that the Minister signed for the Federal Government, while the ISDB Group President, Dr Bandar M. H. Hajjar, endorsed the pact on behalf of the Bank.

The statement by Abechi quoted the Minister as saying that the Technical Assistance agreement grant is meant for capacity building/equipment and logistics upgrade in the National Hajj Commission of Nigeria (NAHCON).

Also, the funds will be deployed to promote government’s efforts at improving cotton, textile and garment value chain in the Federal Ministry of Industry, Trade and Investment.

Mrs Ahmed, who  gave the breakdown of the grant specifically said; “The Technical Assistant Agreement Grant of $243,823.0 to the National Hajj Commission of Nigeria for capacity building/equipment and logistics upgrade.”

The “TA grant of $280,000 to the Federal Ministry of Industry Trade and Investment for the improvement of cotton, textile and garment value chain”, she added

Speaking at the Annual General Meeting (AGM) of the bank, Mrs Ahmed informed member-countries that state governments in Nigeria have stepped up efforts aimed at boosting agriculture and food production.

She stated that in line with President Muhammadu Buhari-led administration’s agenda for self-sufficiency in food production, “State governments in Nigeria are adopting cluster farming which has eased access to funds by farmers, increased growth and allows access to facilities without collateral.”