News in Brief:
– Six Nigerian states secured a â¬150 million loan from the European Investment Bank to improve rural infrastructure and agricultural market access.
– The project will construct new roads, modern warehouses, and bridges to address challenges of poor road conditions and limited market access faced by farmers, aiming to improve agricultural productivity and boost local economies.
Six Nigerian states have secured a â¬150 million loan from the European Investment Bank (EIB) to improve rural infrastructure and agricultural market access, according to a local report.
The initiative, known as the Rural Access and Agricultural Markets Project (RAAMP), aims to benefit residents in Benue, Borno, Taraba, Cross River, Edo, and Anambra states.
Benue State Coordinator of RAAMP, Stephen Numbeve, revealed that once the funds are disbursed and implementation starts in March 2024, Benue’s rural people, who are mostly farmers, will be relieved. Also, he said that they will have access roads to transport their produce and markets to sell in.
The project seeks to address two major challenges faced by Nigerian farmers: poor rural road conditions and lack of readily available markets. By constructing new roads and modern warehouses, RAAMP aims to reduce post-harvest losses and create a more efficient agricultural value chain.
Additionally, Numbeve disclosed that Nigeriaâs Minister of Finance, Wale Edun, signed the agreement with the bank on behalf of the six states in December. Subsequently, the â¬150 million will be divided among the participating states.
In Benue state, three modern warehouses will be constructed in each senatorial zone with a focus on areas with high agricultural output. Roads and bridges will also be built in some communities to improve accessibility, from farms to markets.
