International Finance Corporation Invests $2 million in Agriculture

International Finance Corporation (IFC), a member of the World Bank Group, has signed a $2 million agreement with the Federal Government to strengthen agribusiness and create jobs.

According to a statement, Nigeria is one of three countries to benefit from the World Bank Group’s Livestock and Micro Reforms in Agribusiness (L-MIRA) programme, which objective is to improve competitiveness in the dairy and poultry subsectors. The others are Ethiopia and Tanzania.

The Practice Manager for the World Bank Group’s Finance, Competitiveness, and Innovative Global Practice, Alejandro Alvarez de la Campa, said: “Dairy and poultry are important livestock sectors that contribute significantly to agribusiness, a key growth sector in Nigeria. By introducing harmonised and simplified regulations related to animal feed, drugs and vaccines, this initiative will help spur socio-economic development in the country.”

The project will streamline the regulation of animal feed to remove overlapping or redundant regulatory requirements related to the standards and quality control mechanism, as well as the registration and renewal process for drugs and vaccines.

It will also support reforms to better and more efficiently regulate animal feed in markets, and coordinate government agencies involved in regulating animal feed.

The four-year deal, endorsed by key national partners, is funded by the Bill & Melinda Gates Foundation. The partners include the Federal Ministry of Agriculture and Rural Development, the National Agency for Food and Drugs Administration and Control (NAFDAC), the Standards Organisation of Nigeria (SON) and the Nigerian Institute of Animal Science (NIAS).

IFC, a sister organisation of the World Bank and a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world.

Source: TheNation

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