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FMARD set to inject $500m loan for livestock productivity in North Eastern states

]The Federal Ministry of Agriculture and Rural Development in collaboration with Livestock Support Project (L-PRES), and the World Bank says it is set to inject…

]The Federal Ministry of Agriculture and Rural Development in collaboration with Livestock Support Project (L-PRES), and the World Bank says it is set to inject the USD 500Miillion Post Subsidiary Loan Agreement (PSL) mission to improve livestock productivity, resilience, and commercialization of selected value chains in all the northeastern states.

The National Project Coordinator for Livestock Resilience Support Project (L-PRES), Sanusi Abubakar, stated this on Thursday, during the Post Subsidiary Loan Agreement engagement mission for northeast states held at Golden Alpine Hotel in Yola.

Abubakar explained that the L-PRES is a 6-year project with a development objective to strengthen national institutions for the improved enabling environment, service delivery, enhancing the performance of value chains, crisis prevention and management, conflict mitigation, peace-building, and project coordination.

He reiterated that the USD 500Million was approved by the World Bank on 18th of March 2022 to the federal government of Nigeria as a loan for the livestock sector to implement the L-PRES project and provided much-needed support to livestock farmers, processors, and marketers, in improving productivity and enhancing the value chain.

He noted that the project became effective on 18th December 2022 by President Muhammadu Buhari and was officially launched on the 31st January 2023, after fulfilling selection and criteria adding that some states were able to sign the subsidiary loan agreement while others were in the process.

The National Coordinator said that so far the eight states that have signed their subsidiary loan agreement with the Federal Ministry of Finance, Budget, and National Planning are; Adamawa, Borno, Gombe, Taraba, Kogi, Kwara, Niger, and OYO for now.

“Not only Adamawa we have other 8 states that have signed but we are doing so for the northeastern zone i.e. Adamawa, Taraba, Borno, Yobe, Gombe, and Bauchi. We want to do it together so that we have a smooth implementation take-off,” he said.

Speaking at the engagement ceremony, the Adamawa state Commissioner Ministry of Livestock and Agricultural Development, Usman Yaya Diyajo, expressed his appreciation for the development adding that about 28% of the GDP in the state is gotten from livestock.

“This project is here to assist the common man and we are all farmers, so they came to improve the value chain in that sector. We have more than 12 international cattle markets in the state and even now it is being rehabilitated by this administration. The comparative advantages that we are having in the livestock sector that’s what attracted the world bank to come and assist 500USD expected 6 billion naira,” he said.

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