Sunday, August 20, 2017 | ePaper
WB approves $200m loan to support Nigeria's agriculture sector
The World Bank has approved a 200 million U.S. dollars credit facility to further support Nigeria, in its efforts to enhance agricultural productivity of small and medium scale farmers.
The loan is in recognition of agriculture as the key to long-term economic growth and diversification, the Word Bank Country Director, Rachid Benmessaoud said in a statement reaching Xinhua in Lagos, the nation's economic hub Friday.
He said the credit is being financed from the International Development Association (IDA), the World Bank Group's grant and low-interest arm.
According to him, it will be on standard IDA terms, with a maturity of 25 years, including a grace period of 5 years.