The World Bank has approved 400 million U.S dollars for the implementation of the Fadama III project and the Commercial Agricultural Development Program (CADP)in Nigeria.

Karen Brooks, Sector Manager, Agriculture and Rural Development Unit (African Region) of the bank, disclosed this on Monday in Abuja, while briefing Sayyadi Ruma, Nigeria's Minister for Agriculture and Water Resources.

Brooks said that 250 million U.S. dollars would be for Fadama III, while 150 million dollars would be committed toward the commercial agriculture project that would be implemented over four years.

She said that out of the total package, 250 million dollars would come from a soft loan from the International Development Association (IDA) with 0.7 percent interest.

Brooks commended the efforts of the Nigerian federal government in charting a new course for the development of agriculture in the country. She expressed the bank's determination toward the successful implementation of all ongoing and future agricultural programs.

Brooks noted that the Fadama III project would complement the CADP, given the large number of beneficiary groups involved in the program and its contribution to the aggregate growth of the agricultural sector.

Responding, Ruma said that the Nigerian federal government would provide funding, policy support and other regulatory requirements that would encourage private sector investment in the agricultural sector.

He said that the government would provide grants in perceptible areas of comparative advantage so as to attract investments.

The minister acknowledged the successes recorded in the Fadama program, saying that the program should be designed in a way that would enable it to complement the activities of the CADP.

He said that the government had approved the staffing requirements and counterpart funding for the Fadama III project as a demonstration of its support for the program.

Project Fadama was designed in the early 1990s to promote simple and low cost improved irrigation technology under World Bank financing

good news

God pleeeeeease let it work out for good.

amin o. they better not waste the loot

hmmmn, im not quick to knock initiatives or schemes of these sort on the head,but the combination of souless shylocks like the world bank and nigerian officials dont give me much room for hope,i see the world bank up to their old tricks and nigerian officials out to feather their nests never mind we ll be paying twice or thrice the money back

Good news? To who exactly? The Common man or the Officials that will become rich in the process? How many programs like this have been done in the past with little or no result to show for it? I am very sceptical about this.

And how much will they use out of all that to monitor the use of the funds and how would they measure its success?
Who will have access to the funds? lemme guess, OBJ Farm and the rest.
God will save Nigeria, only if they could truely use the money wisely and create some real good agricultural scheme that will feed the nation and we can export good produce as well, but i am sure they already know the formular of sharing.

I was just on this the other day, and I am so glad they were already working on such an amount. I mean it will not do it all but it is definitely big enough to start us off where we need to now. I do hope it goes to agriculture and is used wisely. I mean, this is good news.

Kobojunkie:

I was just on this the other day, and I am so glad they were already working on such an amount. I mean it will not do it all but it is definitely big enough to start us off where we need to now. I do hope it goes to agriculture and is used wisely. I mean, this is good news.

Good news, what are the plans and who are to be the beneficiaries?

Well, the article does not get into the Nigerian side of the deal much. It only makes known to us that Nigeria solicited the World Bank for a loan and now the loan has been approved. That to me is good news in the sense that they were not sitting back watching what was going on in the world with arms folded at least, and that the World Bank saw it fit to approve the loan. Now, we only have to wait and see if the Nigerian government will release information on its plans for the money. Normally, there should be some next to concrete plan by now but, we are still talking of Nigeria here.

OMG i'm a pessimist but I have read of several world bank loans in the past and they have had no positive fruits on the economy. The only fruits are the burden of loan repayments.

How much do we have in reserve

Fhemmmy:

And how much will they use out of all that to monitor the use of the funds and how would they measure its success?
Who will have access to the funds? lemme guess, OBJ Farm and the rest.
God will save Nigeria, only if they could truely use the money wisely and create some real good agricultural scheme that will feed the nation and we can export good produce as well, but i am sure they already know the formular of sharing.

They should also answer the question above.
The strings always attached to such loans are a burden on their own

Kobojunkie:

Well, the article does not get into the Nigerian side of the deal much. It only makes known to us that Nigeria solicited the World Bank for a loan and now the loan has been approved. That to me is good news in the sense that they were not sitting back watching what was going on in the world with arms folded at least, and that the World Bank saw it fit to approve the loan. Now, we only have to wait and see if the Nigerian government will release information on its plans for the money. Normally, there should be some next to concrete plan by now but, we are still talking of Nigeria here.

I understand what you saying kobo guy, however, here is my question, would it still be a good news when nothing is achieved and yet Nigerians will have to pay back the loan?
It will be a good news for us all, if they will allow the real farmer to benefit from it, and that will feed the nation

Fhemmmy:

I understand what you saying kobo guy, however, here is my question, would it still be a good news when nothing is achieved and yet Nigerians will have to pay back the loan?
It will be a good news for us all, if they will allow the real farmer to benefit from it, and that will feed the nation

Right now, this is good news for Nigeria. Will it work? Only the Nigerian people will decide; not the government, but the people. We are already in 2009; 2011 is around the corner. We do not have an open system so I cannot tell for sure what will become of this or comment about the plan as it is not the old plan that they seem to be working with. I am just hopeful that we see change soon and that it maybe start here. The biggest plus for me is the amount to be invested. I was complaining only a couple of days ago about how little we invest in agriculture each year and why now is a good time to pump in so much more into agriculture so we can see significant change in shorter time.

Kobojunkie:

Right now, this is good news for Nigeria. Will it work? Only the Nigerian people will decide; not the government, but the people. We are already in 2009; 2011 is around the corner. We do not have an open system so I cannot tell for sure what will become of this or comment about the plan as it is not the old plan that they seem to be working with. I am just hopeful that we see change soon and that it maybe start here. The biggest plus for me is the amount to be invested. I was complaining only a couple of days ago about how little we invest in agriculture each year and why now is a good time to pump in so much more into agriculture so we can see significant change in shorter time.

I second you on your comment, so let us wait and see what will happen.

The interest rate is 0.7 percent. Where would you get better rates, from China?

Fhemmmy:

I understand what you saying kobo guy, however, here is my question, would it still be a good news when nothing is achieved and yet Nigerians will have to pay back the loan?
It will be a good news for us all, if they will allow the real farmer to benefit from it, and that will feed the nation

tell that to your state and federal representatives. it's job of Nigerians to keep their leaders in check.

Good news.

The fact of the matter is the borrower is forever a slave to the Lender. I thought we just recently paid off some loans. Now we have started to accumulate more debt. Please let us not kid our selves as this is not the first time money has lent to the so called agricultural programs. This monies is going to end up in some crooks pocket. Nigeria is doomed.

blacksta:

The fact of the matter is the borrower is forever a slave to the Lender. I thought we just recently paid off some loans. Now we have started to accumulate more debt. Please let us not kid our selves as this is not the first time money has lent to the so called agricultural programs. This monies is going to end up in some crooks pocket. Nigeria is doomed.

Nigeria has no choice but to borrow money with the hope ROI would pay the debts off. It's an illusion to think we can survive on our reserves alone. Didn't European countries borrow from the US after WWII. see where they are now. All they have to do is manage the loot properly.

and you think we should be taking loans that we clearly dont have the ingredients to use judiciously?
Dont we still have thieving politicians at the helm?
Dont we have the same system (or worse) that we had in the past when such loans were misapporpriated?
Why must we put the cart before the horse everytime?

JustGood:

and you think we should be taking loans that we clearly dont have the ingredients to use judiciously?
Dont we still have thieving politicians at the helm?
Dont we have the same system (or worse) that we had in the past when such loans were misapporpriated?
Why must we put the cart before the horse everytime?

Should we continue to do NOTHING then?

Kobojunkie:

Should we continue to do NOTHING then?

Nigeria needs to do something, but we need to highlight how the money will be spent., who and who will enjoy the facility and hope wont be people like OBJ Farms

erm this is FADAMA III- this is stage three of the project!!

how well didi I and II go? lol

How can this be good news when we are always complaining that those who will implement the projects are nothing but thieves.

How exactly is this good news?

JustGood:

How can this be good news when we are always complaining that those who will implement the projects are nothing but thieves.

How exactly is this good news?

Good news my ass. The thiefing rich would be richer while the poor man will continue to die of hunger. Thunder fire them all including world bank

I am still waiting on update regarding the money and when the projects will starts and who are the beneficiaries

Fhemmmy:

I am still waiting on update regarding the money and when the projects will starts and who are the beneficiaries

You might have to wait a couple of years considering we are talking of Nigeria here; a country where most all end up in corruption.

Kobojunkie:

You might have to wait a couple of years considering we are talking of Nigeria here; a country where most all end up in corruption.

So are we saying that this will just be another addition to out outstanding debt with nothing to show for it?

Chei some thieves will be smiling to their foreign banks in few days.

Fhemmmy:

So are we saying that this will just be another addition to out outstanding debt with nothing to show for it?

Like I said earlier, time will tell if this will end up where most all others have in the PAST. My point is this, that we have this much money to invest, at this crucial time, in Agriculture is a big deal and a good deal. But on the other side of this deal is Nigeria, a country that has for as long as we can remember, successfully turned over 95% of good deals into trash. There is that possibility that something good will come of this but I am not entirely optimistic because we still have the Nigerian problem to deal with and the sooner, the better for all of us. However, it is good to know that we have this much to invest in agriculture in that country considering we need it now more than ever.

Kobojunkie:

Like I said earlier, time will tell if this will end up where most all others have in the PAST. My point is this, that we have this much money to invest, at this crucial time, in Agriculture is a big deal and a good deal. But on the other side of this deal is Nigeria, a country that has for as long as we can remember, successfully turned over 95% of good deals into trash. There is that possibility that something good will come of this but I am not entirely optimistic because we still have the Nigerian problem to deal with and the sooner, the better for all of us. However, it is good to know that we have this much to invest in agriculture in that country considering we need it now more than ever.

I have gone to www.buysomepatinet.ng.org so i will be patient and see what happen to the Money.

Kobojunkie:

how well didi I and II go? lol

good enough for us to get funding for stage three, the problem is there are no public records
and the media except for NTA are not really interested in stories like these but there has been
improvement in our agricultural outputs; the projects in Benue, Niger are particularly successful

_{if you are really interested you can get Status of Projects in Execution from the world bank
disclosure@worldbank.ord}